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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1,  Soybeans – ¾, Wheat +2 ½, Crude -.36, Gold +.90, Dollar -.10, Dow futures +13.
  • USDA reported corn 7% harvested compared to 10% expected, 5% last week and 11% average year-to-date. Of the corn crop, 86% is in the dent phase. Corn maintained a 61% good/excellent rating.
  • USDA reported soybeans 4% harvested compared to 5% expected and 5% average year-to-date. Of the soybean crop, 41% is dropping leaves. Soybeans fell 1% to a 59% good/excellent rating.
  • USDA reported winter wheat seeding 13% planted compared to 5% last week and 15% average year-to-date.
  • While the U.S. is in the process of restricting Argentine biodiesel due to a ruling against them for dumping into the U.S. market, the E.U. is planning to cut duties from 22-25.7% to 4.5-801% on Argentine biodiesel.
  • Monday funds sold 6,000 corn, 1,000 soybeans, 4,000 wheat, 3,000 oil. Bought 1,000 meal.

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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