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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ¾,  Soybeans +1 ¾, Wheat -2, Crude -.35, Gold -7.60, Dollar +.03, Dow futures +53.
  • USDA progress report this afternoon expected to show corn harvest 9-12% complete compared to 5% last week, 9% last year and 12% average year-to-date.
  • Informa put out a 2018 forecast that estimated corn acres at 91.8 million compared to 90.6 million this season, with a yield of 172.2 bpa. Soybean plantings are estimated to be 89.0 million acres compared to 90.3 this season, with a yield of 49.0 bpa.
  • Commitment of Traders report with options showed managed funds: corn short 119,412 up 9,689; soybeans short 4,408 off 7,536; wheat long 84,642 off 536.
  • Friday funds bought 3,000 corn, 4,000 wheat. Sold 5,000 soybeans, 2,000 meal, 2,000 oil.   
  • USDA Export Inspections Report at 10am.

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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