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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1,  Soybeans -1, Wheat +1 ¾, Crude +.35, Gold +.40, Dollar -.10, Dow futures +51.
  • Pro Farmer estimated results for Minnesota: corn pegged at 191.1 bpa vs. last year’s tour estimate of 182.3 bpa and the USDA final estimate of 193. Average soybean pod counts were estimated at 1,019.9 vs. 1,107.6 last year and compared to the three-year average of 1,086.1.
  • Pro Farmer Day results for Iowa: corn pegged at 179.7 bpa compared to last year’s tour estimate of 188.1 and the USDA’s final estimate last year of 203. Soybean counts were at 1,092.9 vs. 1,224.2 last year and the three year tour average of 1,205.6.
  • China set a record of 10.08 MMT’s of soybeans imported in the month of July. Their suppliers and amounts included: Brazil at 7.6 MMT, Argentina at 1.47 MMT, and the U.S. at 500K MT.
  • USDA export sales show soybeans at 16% of the total USDA estimate compared to the five-year average year-to-date of 37%.
  • USDA export sales show corn at 13% of the total USDA estimate compared to the five-year average year-to-date of 24%.
  • USDA export sales show wheat at 43% of the total USDA estimate compared to the five-year average year-to-date of 44%.
  • Cattle on Feed report this afternoon.   

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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