Morning Comments

Corn

Corn harvest at 27% harvested with a 32% average

Brazil Ethanol futures were up 12% last week due to sugar production concerns

US ethanol futures were up 2% yesterday which could be leading to recent support

Beans

42% harvested is ahead of the 5 year average of 32% harvested

Chinese markets remain closed through Thursday, morning exports would likely be delayed

Palm oil was down 2% overnight after the bean complex strength yesterday was in soybean oil

An increase of ratings to 64% is definitely counter seasonal for this time of year

Wheat

Wheat planting at 49%, 2% behind the 5 year average pace

Estimates for Australian wheat production are nearing the 23-24 MMT, USDA at 26 MMT

Russia wheat forecast continue to remain dry and cold affecting about half their crop

Cattle

Boxed beef yesterday down