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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1,  Soybeans –2 ¼, Wheat -4 ¼, Crude -.06, Gold -3.80, Dollar +.35, Dow futures +16.
  • USDA Crop Progress: corn 70% harvested compared to 65% expected, and the five year average of 83%.
  • USDA Crop Progress: soybeans 90% harvested compared to 90% expected, and the five year average of 91%.
  • USDA Crop Progress: winter wheat 91% planted compared to the five year average of 91%. Winter wheat conditions 55% good/excellent compared to 58% last year.
  • It is expected that China will sign a letter of intent to buy more U.S. soybeans for this marketing year, when Trump visits Bejing in the next few days.
  • UKAgroConsult downgraded their projection of the Ukraine corn crop from 26 MMT to 25.5 MMT, due to poor weather conditions.
  • Monday funds sold 5,000 corn. Bought 4,000 soybeans, 6,000 wheat, 3,000 oil, 2,000 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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