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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1 ¼,  Soybeans -6, Wheat -2 ¼, Crude +.40, Gold -.20, Dollar -.07, Dow futures -33.
  • Markets down with harvest is providing pressure, as farmers are reporting better than expected yields.
  • World wheat had a little uncertainty thrown into the mix last night when the Russian Ag Minister announced that Russian wheat exports are estimated to be 30 MMT, less than the USDA’s 32.5 MMT. The huge Russian yield has put a damper on the market up to this point.
  • Argentina’s Buenos Aires Exchange estimates their 2017/18 soybean production at 54.0 MMT compared to 57.5 MMT last season and 41.0 MMT of corn vs. 39.0 MMT.
  • Wednesday funds bought 5,000 corn, 3,000 soybeans, 5,000 wheat, 2,000 meal, 4,000 oil.   
  • USDA Export Sales Report this morning.
  • Quarterly Hogs & Pigs Report today at 2pm 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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