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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1 ½,  Soybeans +2 ¾, Wheat –3 ¾, Crude +.22, Gold -10.50, Dollar +.18, Dow futures +108.
  • The USDA is expected to release their first corn harvest progress report this afternoon, with estimates at 4-6% complete.
  • Average trade estimates for U.S. corn yield are 167.8 bpa and U.S. soybean yield are 48.7 bpa.
  • The Commitment of Traders report with options on Friday showed managed funds: corn short 109,723 up 44,778; soybeans short 11,944 up 16,423; wheat short 86,570 up 21,763.
  • Friday funds bought 4,000 corn, 1,000 wheat. Sold 5,000 soybeans, 2,000 meal, 2,000 oil.
  • USDA Crop Production and Supply & Demand Report at 11am CDT tomorrow.

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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