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Morning Outlook

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Overnight Highlights

  • In overnight markets; corn + ½, soybeans +4 ¼, wheat – ¼, crude +.31, gold -2.60, Dollar +.03, Dow futures -4.     
  • AgRural estimates the Brazilian soybean harvest to be 82% complete vs. 78% average for this time of year. They have upped their soybean production estimate to 111.6 MMT vs 107 MMT previously.
  • Commitment of Traders report Index fund positions: corn long 213,055 off 11,332, soybeans long 102,010 off 6,947, wheat long 94,196 up 3,663.
  • Commitment of Traders report Managed fund positions: corn short 150,287 off 5,225, soybeans long 722 off 37,208, wheat short 138,834 up 2,684.
  • USDA will give its first crop planting progress report later today.
  • USDA Supply & Demand Report is tomorrow at 11am CDT.
  • Friday funds sold 8,000 corn, 3,000 meal. Bought 1,000 soybeans, 2,000 wheat, 4,000 oil.  

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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