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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -3 ¾,  Soybeans -16, Wheat -4 ½, Crude +.16, gold -5.50, Dollar +.11, Dow futures -13.
  • Markets lower overnight on rains falling in the northern and western Corn Belt this morning as well as rain in the upcoming forecast.
  • AgResource came out with their 2017 corn production estimate at 13.770 billion bushels with a yield of 165 bpa. The latest USDA estimate is 14.255 billion bushels at a 170.7 bpa.
  • EIA Ethanol reported yesterday that both production and stocks are down this week, with production down 10,000 barrels/day and stocks down 677K barrels to 20.8 million barrels.
  • Brazil is struggling with logistic issues as truckers are protesting a diesel fuel tax by blocking sections of an important highway that leads to a number of port terminals.
  • Wednesday funds bought 5,000 corn, 4,000 soybeans, 1,000 meal, 4,000 oil. Sold 2,000 wheat.
  • USDA weekly export sales today at 7:30am CDT.

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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