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Closing Comments

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Overnight Highlights

  • Overnight markets have corn +1, soybeans +3, wheat -1-3, crude oil +.30, dollar -1.000, gold +10.0 and the Dow -33.
  • Corn and soybeans a little higher this morning as the trade seems to believe much of the bearishness of the USDA info has already been priced into the market.
  • Corn and soybean good/excellent ratings were unchanged from the previous week. Corn harvest; Texas 38%, Louisiana 30%, Georgia 36%, Mississippi 11%.
  • German co-ops are estimating their country’s wheat harvest will be off -8.8% from last year due to summer rains.
  • China sold 17,780 mt of corn at auction today of the 1.902 mln mt offered.
  • Chatter that China was shopping 2 to 3 cargoes of US soybeans yesterday.
  • Funds were estimated buyers of 7,500 corn, 7,000 soy and seller of 1,500 wheat.

Commodity Weather Group Forecast

 

·         Showers eliminate remaining dry spots in E. Midwest today/this weekend; flooding localized (mainly north-central IN)

·         Late-week rains return to W. Midwest; corn/soy showers more limited for rest of 15-day, but favorable late growth

·         Lack of heat also very favorable, for corn/soy; highs mainly mid 70s/80s rest of month

·         Active rain pattern much of next 2 weeks slows early Delta corn harvest, may lower quality for open boll cotton

·         Only localized flooding for Delta though, as heaviest rains focus on S. Plains in 6-15 day ahead of wheat seeding

·         Interruptions to N. Plains/Can. Prairies harvest relatively limited; wet spots ease a bit in W. Canada wheat/canola

 

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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