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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -1, soybeans even, wheat -6, crude oil +2.22, dollar -.21, gold -6.0 and the Dow +23.
  • Grains mostly lower this morning following a higher trade overnight from higher crude oil and Argentine drought concerns.
  • Crude oil higher overnight on news OPEC and some additional countries have reached a deal to cut back production.
  • Last week’s USDA report proved to be essentially a non-event for US numbers and showed a small increase in global supplies.
  • Brazil’s AgRural estimates Brazil Soy planting at 95% complete vs 93% on average for the date.
  • Commitment of Traders showed Managed Money added -3,331 to their net short in corn, trimmed -12,057 off their net long soy position and slightly lightened their still large net short wheat position for the week ending Tuesday.
  • South Korea placed a nationwide temporary band on poultry movement in an effort to contain the spread of bird flu.

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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