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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -3,  Soybeans -6 ½, Wheat -2 ¼, Crude +.15, Gold +2.00, Dollar -.08, Dow futures +3.
  • Crop conditions to be reported this afternoon are estimated for corn at 62-63% good/excellent compared to 62% last week, 74% last year and 62% average year-to-date.
  • Soybean crop conditions are estimated to by 59-60% good/excellent compared to 59% last week, 72% last year and 61% average year-to-date.
  • The Commitment of Traders report on Friday showed Managed Money: corn long 39,802 off 27,271; soybeans short 14,399 off 27,312; wheat short 34,236 off 20,135.
  • Safras Mercado estimates Brazil’s 2017/18 soybean exports at 64.5 MMT, which is up 24% over last year. Soybean production is pegged at  116.3 MMT compared to 108.6 MMT last year.
  • Pro Farmer Crop Tour begins today.

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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