Morning Outlook

Overnight Highlights

• Overnight grain markets: Corn -1 ½, Soybeans +3 ½, Wheat -5, Crude +.11, Gold -.80, Dollar -.27, Dow futures +56.
• Negotiations between China and the U.S. will resume in Washington D.C. this week, with a visit from China’s vice premier and President Xi’s top deputy of economic affairs.
• Commitment of Traders Report with options showed managed funds: corn long 212,000 up 26,000; soybeans long 127,000 off 50,000; wheat long 4,000 up 33,000; soymeal long 130,000 off 3,000; soyoil short 68,000 off 6,000.
• Friday funds sold 17,000 corn, 12,000 soybeans, 6,000 wheat, 5,000 meal. Bought 2,000 oil.
• USDA Weekly Export Inspections Report at 10am CDT.
• Crop Progress Report at 3pm 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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