The USDA Ag Outlook numbers came in close to trade estimates, I view the numbers as long term bearish for corn and wheat and long term bullish for soybeans.
Grain prices traded higher right after the 8:30 open but are now mostly lower. The stock market and crude oil markets are higher. We will get the Energy Information Agency (EIA) reports later today and export sales tomorrow.
At this time in grain markets corn futures are 2¢ lower, soybean futures are 2 to 5¢ lower and wheat futures are mixed – mostly lower. KC wheat which has been trading at a large premium to the CBOT wheat is getting hit the hardest.
The weather in Argentina will move back into focus later today and tomorrow and it is still dry.
In the outside markets this morning with the Dow futures up 136 points. Crude oil is up $1.70 per barrel while RBOB gasoline futures and diesel futures are up 2¢ per gallon.
Livestock futures are mixed this morning. March Feeder cattle are and live cattle futures are higher, with hogs lower.