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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn +2, soybeans +7, wheat +3 ¼, crude +.50, gold -16.10, Dollar -.99, Dow futures +205.     
  • Concerns developing over dryness in Western Europe. Low river levels are starting to affect shipping on the Rhine and Danube rivers.
  • Commitment of Traders report showed index funds: corn long 219,160 off 4,161, soybeans long 88,166 off 7,139, wheat long 97,353 up 756.
  • Commitment of Traders report showed managed money: corn short 171,809 up 13,392, soybeans short 45,828 up 16,095, wheat short 142,126 off 7,667.
  • Cattle on Feed report showed: On Feed 100% vs. estimate of 99.7%, Placed on Feed 111% (new March record of 2.102 million head) vs. 106.5%, and Marketings 110% vs. 109.4%.
  • USDA will issue its first soybean planting progress report today.
  • Friday funds sold 8,000 corn, 4,000 wheat. Bought 7,000 soybeans, 3,000 meal, 3,000 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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