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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +2, Soybeans +1 ¼, Wheat +1 ¼, Crude +.56, Gold -11.1, Dollar +.42, Dow futures -78.
  • Corn Planting Progress: 62% complete vs 63% average and 59% expected. MN behind by 25% and SD by 40%.
  • Soybean Planting Progress: 35% complete vs 26% average and 30% expected.
  • Winter wheat good/excellent: 36% vs 34% last week and 51% last year.
  • Egypt’s GASC is looking to buy more wheat – likely Russian?
  • The president of grain growers in Mato Grosso reported that the drought has resulted in a 15% yield loss of the second season corn crop.
  • Monday funds bought 3,000 corn, 6,000 soybeans, 4,000 meal. Sold 4,000 wheat. Even oil.
  • April NOPA Crush 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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