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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1 ¼,  Soybeans +3 ¼, Wheat +3, Crude +.74, Gold +3.60, Dollar -.22, Dow futures -15.
  • La Nina has strengthened to a six year high – this weather pattern can lead to dryness in Argentina and Brazil and will be closely monitored.
  • Informa 2018/19 U.S. Crop acreage estimates: corn 91.42 million compared to 90.46 previous estimate and 2017/18 acres of 90.4 million.
  • Informa 2018/18 U.S. Crop acreage estimates: soybeans 89.63 million compared to 90.35 previous estimate and 2017/18 acres of 90.2 million.
  • Informa 2018/19 U.S. Crop acreage estimates: all wheat 46.63 million compared to previous estimate of 45.88 and 2017/18 acres of 46.0 million.
  • French Agrimer announced wheat conditions at 97% good/excellent, ahead of last year’s 95% year-to-date.
  • Thursday funds sold 9,000 corn, 4,000 soybeans, 1,000 wheat, 2,000 meal and 4,000 oil.
  • Cattle on Feed Report due out after close today at 2pm CST.

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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