Morning Outlook

Overnight Highlights

• Overnight grain markets: Corn +2 ¼, Soybeans +5 ¾, Wheat +10 ½, Crude +.70, Gold -3.80, Dollar +.10, Dow futures -26.
• Japan picked up 3 cargoes of U.S. sorghum that was originally headed for China before trade barriers got in the way.
• Japan bought 90K MT of wheat from U.S., Canada and Australian sources.
• South Korea’s MFG purchased 130K MT of feed wheat from optional origin.
• Brazilian soybean basis rose 3 cents to +66 while U.S. basis has remained constant at +85.
• Wednesday funds sold 9,000 corn, 13,000 soybeans, 2,000 wheat, 5,000 meal, 6,000 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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