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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1, Soybeans +4 ¾, Wheat -1 ¾, Crude -.57, Gold -2.90, Dollar +.18, Dow futures +88.
  • Buenos Aires Grain Exchange weekly crop report showed 2017/18 early planted Argentine corn conditions at 33.4% good/excellent, 34% fair, and 32.7% poor to very poor.
  • Argentine corn planting progress is at 77.9% complete.
  • U.S. Army Corps of Engineers closed the Ohio River at Lock 52 near Paducah, KY, due to low water levels causing a back-up of vessels. This closure is expected to last at least 3 days.
  • USDA weekly export sales are due out this morning. Expectations for corn are 600K-1.0 MMT, soybeans 600K-1.0 MMT, and wheat 250K-500K MT.
  • Commitment of Traders Report this afternoon.

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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