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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -4,  Soybeans -10, Wheat -6-8, Crude -.19, gold -8.8, Dollar +.26, Dow futures +103.
  • Lower trade overnight in grains on better-than-expected rains and moisture on tap this week for Iowa.
  • Trade expecting corn G/E rating of 59 to 60% vs 60% last week. This compares to 74% last year and 63% on average.
  • Soy conditions are expected unchanged this afternoon from last week’s 60% G/E vs 72% last year and 61% on average.
  • President Trump is asking US Trade Reps to investigate Chinese trade practices that force US companies operating in China to turn over intellectual property.
  • Chinese interest in US Gulf soybeans continues to be strong.
  • COT report as of Tuesday showed Managed Money long 67,073, off 17,571, Soybeans long 12,913, off 26,882 and Wheat now short 14,101, off 26,291.

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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