After Friday’s normal closing time, CBOT will not reopen until Monday evening in observance of MLK.
Highlights
The USDA will dump a truck load of numbers at 10 AM Mountain Time today. We do not expect any big surprises, but if there is one (or more) surprise, we expect it will be bullish in the form the USDA will say the US grain inventory is less than the market expects and/or the South American crops are smaller than expected. Any bearish news will be a gift opportunity for users of any CBOT commodity to get some hedges in place.
Note: The expected corn stocks is a 9-year low, wheat stocks is a 15-year low, and soybeans is a 2-year low... and beans were mighty tight two years ago.