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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1,  Soybeans +3 ½, Wheat –1 ¼, Crude -.24, gold +3.40, Dollar +.04, Dow futures -27.
  • Markets are mixed after yesterday’s freefall – look for the close today to be key to future price direction. Are funds done exiting their long positions, and do they desire to be short?
  • SovEcon raised their estimates of the overall Russian grain crop to 125.2 MMT from 117 MMT. This includes a bump from 72.9 MMT to 77.9 MMT for “wheat only”.
  • France’s Agrimer says that their corn crop is 79% good/excellent, unchanged from last week.
  • Prevent plant acres were down 23% this year from 3.30 million acres to 2.54 million acres.
  • The Pro Farmer tour is next week – will their field data confirm the numbers given by the USDA and the high ear weight utilized in the calculations?
  • Thursday funds sold 33,000 corn, 16,000 soybeans, 11,000 wheat, 8,000 meal, 5,000 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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