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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ¾,  Soybeans +2 ¾, Wheat +2 ¾, Crude +.13, gold -4.10, Dollar +.16, Dow futures +44.
  • Argentina is intending to plant a record corn crop of 12.4 million acres this fall, an increase of 5-10% over last year. Good margins and a good weather outlook are reasons behind the move.
  • The U.S. National Biodiesel Board has asked for a delay by the U.S. Commerce Dept. on their predetermination announcement regarding whether Argentina and Indonesia are dumping biodiesel into the U.S. market. The date has now been moved from August 30th until October 19th.
  • Egypt is tendering for 60K MT of wheat, their last purchase coming on July 18th for 300K MT. Russia is in with the lowest offer to-date, but U.S. prices have fallen to a competitive level.
  • Washington is hosting representatives from Canada and Mexico in the opening talks of re-negotiating NAFTA today.
  • EIA Energy Stocks Report at 9:30am 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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