Today's edition of the Saxo Morning Call features the SaxoStrats team discussing the continuing weakness of the US dollar as commodity prices recover ground and in the wake of key US equity indices hitting all-time highs Thursday.
Squawk / 08 February 2018 at 11:58 GMT
Head of Commodity Strategy / Saxo Bank
The USDA will release its monthly supply/demand report for February later today at 1700 GMT. The grain sector has experienced a revival during the past few weeks with multiple weather scares both in South America and the US Midwest providing the three major crops with enough support to force the reduction of what up until recently was a record short fund position.
US Inventory levels at the end of the 2017-18 marketing year which runs until August is expected to show a decline in corn and an increase in soybeans stock while wheat is unchanged on last month.
Table with surveys and prior results attached.
Finansman Finansman
Thanks for the recap Ole!
There's an invertion in your summary between soybean stocks and wheat stocks
Ole Hansen Ole Hansen
This comment has been redacted
Ole Hansen Ole Hansen
Result of yesterday's WASDE report. As pointed out the soybean and wheat world stocks had been switched around and now corrected below.
Overall the price impact was limited despite soybeans and wheat overshooting estimates while corn stocks were lower than forecast.
Both wheat and soybeans managed to find support despite the bearish outcome of the report. Not least due to current dry weather in Argentina (soybeans) and the US Midwest (wheat).


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