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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ¼,  Soybeans -2 ½, Wheat +1 ½, Crude +.18, Gold -3.20, Dollar +.11, Dow futures +45.
  • BA Grain Exchange reported Argentina corn is 34% planted vs. 33% last week. Soybean is only 7% planted vs. 2% last week. Wheat harvest is lagging well behind at a mere 3.5% complete.
  • French Agrimer released their latest estimate showing corn to be 89% harvested compared to 76% last year. Wheat harvest is running ahead of schedule at 79% complete compared to 75% last year.
  • It was announced yesterday, Cargill and ADM sold 300K and 150K MT of hard red winter wheat to Iraq.
  • South American weather is expected to be favorable for the next 10-14 days with Brazil slated to receive additional rain and Argentina benefitting from needed drier conditions.
  • Thursday funds bought 8,000 corn, 9,000 soybeans, 7,000 wheat, 3,000 meal. Sold 1,000 oil.

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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