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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -4 ¼,  Soybeans -4 ¼, Wheat –5 ¼, Crude -.29, gold -10.90, Dollar +.36, Dow futures +53.
  • Markets are down this morning on better than expected crop conditions and better chances of precipitation.
  • USDA reported corn crop conditions at 62% good/excellent compared to 60% last week, 74% last year and 62% average year-to-date.
  • USDA reported soybean crop conditions at 59% good/excellent compared to 60% last week, 72% last year and 61% average year-to-date.
  • USDA reported spring wheat 32% good/excellent compared to 33% last week, 68% last year and 68% average year-to-date.
  • Brazil’s government reported 2017 soybean exports to-date of 53.3 MMT have now passed last year’s total exports of 51.8 MMT.
  • Monday funds bought 8,000 corn, 2,000 wheat. Sold 4,000 soybeans, 1,000 meal, 4,000 oil.
  • NOPA July Crush Report this morning.

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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