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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn Even, Soybeans +2 ¾, Wheat + ¾, Crude +.44, Gold +5.00, Dollar -.14, Dow futures +19.
  • China is prepared to cut soybean imports by 0.3% due to the trade rift with the U.S. This would be the first decline in 15 years.
  • China’s corn production is down 2.9% due to arid conditions in NE China and expected government subsidies on soybeans.
  • Saudi Arabia is looking to buy 1.5 MMT of feed barley for July-Aug delivery.
  • Wednesday funds sold 5,000 corn, 5,000 soybeans, 4,000 wheat, 2,000 meal. Bought 3,000 oil.
  • USDA Weekly Export Sales Report this morning.
  • Brazil’s CONAB will release grain and oilseed data this morning.
  • USDA Crop Production and USDA Supply/Demand Report Today at 11am CDT.

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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