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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1 ½, Soybeans +8 ¼, Wheat +4 ½, Crude -.06, Gold -1.40, Dollar -.03, Dow futures -48.
  • Soybeans leading on Argentine weather over the weekend. Parts of Northern Argentina received heavy rains leading to flooding, while Central Argentina (main growing area) received little to no rain.
  • Argentine crop ratings released Friday showed 45% of 1st crop corn and 53% of 2nd seeded corn to be rated poor to very poor. Only 11% of the 1st crop corn and 12% of 2nd crop corn was rated good, with no excellent ratings.
  • Argentina’s soybean crop is rated 37% good/excellent, with planting just wrapping up.
  • Commitment of Traders report with options showed managed funds as of Tuesday the 16th: corn short 226,876 up 4,359; soybeans short 103,397 up 10,562; wheat short 142,939 up 13,947.
  • Friday funds bought 4,000 corn, 5,000 soybeans, 4,000 meal. Sold 2,000 wheat. Even oil.
  • USDA Weekly Export Inspections at 10am 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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