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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ¼, Soybeans +2 ¼, Wheat +1 ¼,  Crude -.01, Gold +1.00, Dollar +.15, Dow futures -75.
  • A leading Chinese manufacture says they are prepared to go to Brazil for soybean, beef and sugar needs, were the trade rift between the U.S. and the PRC to deepen.
  • Informa Argentine production estimates: soybeans at 44 MMT compared to 51 MMT last estimate and 58 MMT last year; corn at 33.5 MMT compared to 37 MMT last estimate and 41 MMT last year.
  • Informa Brazilian production estimates: soybeans at 114 MMT compared to 112.5 MMT last estimate and 114 MMT last year; corn at 89 MMT compared to 88 MMT last estimate and 98 MMT last year.
  • Commitment of Traders Report with Options showed Managed Funds: corn long 59,000 up 40,000; soybeans long 147,000 up 48,000; wheat short 61,000 off 6,000; soymeal long 106,000 (record) up 21,000; soyoil short 9,000 off 18,000.
  • Friday Funds sold 5,000 corn, 13,000 wheat, 4,000 meal, 4,000 oil. Bought 3,000 soybeans.
  • USDA Weekly Export Inspections 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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