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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1 ¼,  Soybeans +7, Wheat +3 ¼, Crude +.01, gold +4.80, Dollar -.16, Dow futures -29.
  • USDA reported corn 60% good/excellent compared to 61% last week, 74% last year and 63% average year-to-date.
  • USDA reported soybeans 60% good/excellent compared to 59% last week, 72% last year and 61% average year-to-date.
  • USDA reported spring wheat 32% good/excellent compared to 31% last week, 68% last year and 68% average year-to-date.
  • Average trade estimates for the USDA Report on Thursday: corn yield 166.2 bpa vs. 170.7 bpa previous; soybeans 47.5 bpa vs. 48.0 bpa previous.
  • Monday funds bought 11,000 corn, 7,000 soybeans, 5,000 wheat, 3,000 meal. Sold 1,000 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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