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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1 ¾,  Soybeans -1 ½, Wheat -2 ¼, Crude +.59, Gold -.10, Dollar +.02, Dow futures +28.
  • USDA reported corn crop conditions at 61% good/excellent compared to 62% last week, 74% last year and 60% average year-to-date.
  • USDA reported soybean crop conditions 61% good/excellent compared to 61% last week, 73% last year and 59% average year-to-date.
  • USDA reported spring wheat harvest at 89% complete compared to 76% last week, 90% last year and 78% average year-to-date.
  • Hurricane Harvey has brought delays to shipments out of the Texas Gulf, as Texas ports process 25% of all U.S. wheat shipments. Infrastructure repairs are currently underway.
  • Tuesday funds bought 7,000 corn, 13,000 soybeans, 3,000 wheat, 7,000 meal. Sold 4,000 oil.

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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