Monday Night Grain Outlook, 9-3-07

9-3-07, at 3:07 pm,

India purchased 795 tmt wheat.
European wheat futures were up sharply today, but failed to match Friday's highs.
Australian and Argentine weather forecasts are improved from Friday's expectations.
US corn yield reports continue to exceed expectations and there seems to be a universal move to raise national yield expectations, but by varying degrees.

Wheat may receive a "knee-jerk" bullish reaction to the India purchase and firmer European values, but much of this storyline is "old news". Improving moisture expectations for Australia and Argentina, along with faltering wheat price action on Friday, will encourage more trader willingness to sell early wheat strength tonight.

US harvest is fast approaching/unfolding. Look for corn and soybean values to weaken and find increasing selling interest this week.

Duane

Published Monday, September 03, 2007 3:06 PM
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