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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1,  Soybeans +3 ¼, Wheat +1 ½, Crude +.60, Gold +7.20, Dollar -.01, Dow futures -5.
  • This morning features overall broad buying of commodities and selling of equities. This may be the reason the markets are up vs. any fresh fundamental news?
  • Cattle on Feed report due on Friday with average estimates: On Feed 102.7%, August Placements 97.1%, Marketings 105.8%.
  • The U.S. Central Bank will wrap up its two day policy meeting and release a statement today – no interest rate policy change is anticipated at this time.
  • Tuesday funds sold 7,000 corn, 4,000 soybeans, 3,000 wheat, 3,000 meal. Bought 3,000 oil.
  • EIA Energy Stocks report at 9:30am CDT.

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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