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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ½,  Soybeans -3 ¾, Wheat -4, Crude -.49, Gold -4.20, Dollar +.13, Dow futures -7.
  • Cattle on Feed results: On Feed 105% vs. 106% expected; Placed 110% vs. 108% expected; Marketed 106% vs. 105% expected.
  • Imea is estimating Mato Grosso (Brazil) will harvest 18.74% less second crop corn in 2017/18 than last season.
  • Commitment of Traders Report with Options showed managed funds: corn short 230,556 up 24,933 (new record); soybeans long 22,550 off 24,187; wheat short 108,576 off 16,509.
  • Friday funds bought 19,000 corn, 13,000 soybeans, 6,000 wheat, 7,000 meal. Sold 1,000 oil.
  • USDA Weekly Export Inspections 10am CST.
  • USDA Weekly Crop Progress 3pm 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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