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Morning Outlook

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Overnight Highlights

  • Overnight grain markets have corn -1 ¾, soybeans -1 ½, and wheat -2 ¼.     
  • Other overnight markets: crude oil +.12, dollar +.04, gold +2.90 and the Dow +14.
  • Brazil analyst Safras Mercado has pegged corn planting at 97.8% complete vs. 91% a year ago.  Soybean planting is nearly completed.
  • Brazil weather conditions have continued to be optimal.  Areas to watch in the coming days for any signs of problems of dryness and heat are Southern Brazil and Argentina.
  • The USDA monthly production report will be released Friday at 11am CST.
  • Tuesday funds bought 7,000 corn, 7,000 soybeans, 3,000 meal, 1,000 oil and sold 1,000 wheat.

Commodity Weather Group Forecast

 

 

All opinions expressed in this commentary are solely those of Water Street Advisory. This data and these comments are provided for information purposes only and are not intended to be used for specific trading strategies. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. There is significant risk of loss involved in commodity futures and options trading and may not be suitable for all investors.

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