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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1, Soybeans +2, Wheat -2 ½, Crude +.25, Gold +4.60, Dollar +.03, Dow futures +3.
  • The US/EU weather models are in agreement that Argentina growing areas will receive limited rainfall for the next 10-14 days.
  • Eyes are on Northern Brazil which has been too dry the past 30 days. Rains should slowly start to return by the weekend.
  • Chinese Customs data indicated that they imported less corn in 2017 – 2.83 MMT vs. 3.17 MMT in 2016, which is the lowest total since 2014.
  • Monday funds sold 5,000 corn, 1,000 oil. Bought 7,000 soybeans, 2,000 wheat, 6,000 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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