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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ¾,  Soybeans +1, Wheat – ½, Crude -.36, Gold -5.10, Dollar -.31, Dow futures -37.
  • Crop Progress: corn 83% harvested compared to the five-year average of 91%, soybeans 93% harvested compared to the five-year average of 95%.
  • Crop Progress: winter wheat 95% planted, in line with five-year average. Winter wheat conditions 55% good/excellent compared to 59% last year.
  • South Korea bought 60K MT of U.S. corn overnight.
  • Commitment of Traders Report with Options showed managed funds: corn 205,624 up 2,861; soybeans long 46,738 up 6,126; wheat short 125,085 up 14,210.
  • Monday funds sold 7,000 corn, 10,000 soybeans, 6,000 wheat, 5,000 oil, 4,000 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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