Morning CME Globex Update:
Kansas City wheat lost a little of its bullishness over Thursday's early morning hours, though Chicago and Minneapolis firmed. Corn and soybeans did little over the course of the morning.
|U.S. Dollar Index:||Higher|
Corn contracts sat for most of early Thursday morning, with most showing roughly 2-cent gains from Wednesday's close. The weekly Export Sales and Shipments report (for the week ending Thursday, May 10) showed a solid old-crop sales number of 38.8 mb and a large shipments figure of 61.6 mb. Total marketing year shipments continue to raise projections based on the four-year average, now sitting at 2.103 bb.
Soybeans didn't do much over the course of Thursday morning with contracts holding small overnight gains compared to Wednesday's sell-off. The weekly export sales and shipments update (for the week ending Thursday, May 10) didn't change the export demand picture much with old-crop sales coming in at 10.4 mb and shipments of 24 mb. Total marketing year shipments now projected demand of 1.832 bb. USDA announced a sales of 132,000 mt of 2017-18 soybeans to unknown.
Wheat markets continued to show solid gains through the close of overnight trade, though the Kansas City (HRW) did pull back a bit from its double-digit gains. The complex in general could struggle to generate continued buying interest over the course of the day if the U.S. dollar index continued to gain bullish momentum. Total marketing year export shipments, through Thursday, May 10 project demand to be 840 mb versus USDA's latest guess of 910 mb.
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