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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +3 ¾,  Soybeans +9, Wheat +3 ¾, Crude -.58, gold -2.60, Dollar -.12, Dow futures +22.
  • Markets are up overnight as forecasts do not have significant rains for the Plains or Western Corn Belt.
  • The Crop Progress report this afternoon is not expected to show big changes from last week as expectations are for corn to be 61-62% good/excellent compared to 61% last week, and soybeans to be 59-60% good/excellent compared to 59% last week, both double digits behind last year but in line with average.
  • Commitment of Traders report showed managed funds: corn long 84,644 off 22,171; soybeans long 39,795 off 11,090; wheat long 12,190 off 15,660.
  • Friday funds bought 6,000 corn, 3,000 oil. Sold 4,000 soybeans, 3,000 wheat, 3,000 meal.
  • USDA Export Inspections report at 10am and Crop Progress report at 3pm 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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