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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -2 ¼, Soybeans -2, Wheat -5 ¼,  Crude -.41, Gold -10.50, Dollar +.24, Dow futures -92.
  • President Trump has scheduled another meeting today with Senators to discuss the RFS. Ag Sec Sonny Perdue has been attempting to reassure that he and the President stand behind renewable fuels.
  • Russia upped their overall 2017 grain harvest from the previous estimate of 134.1 MMT to 135.4 MMT. This compares to 120.7 MMT in 2016.
  • Japan purchased 136K MT of wheat in their weekly transaction which was comprised of 65K MT U.S., 36K MT Canadian and 35K Australian.
  • Wednesday funds bought 18,000 corn, 10,000 soybeans, 20,000 wheat, 6,000 meal. Sold 4,000 oil.
  • USDA Weekly Export Sales Report this morning.

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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