Home Market Market Watch Morning Outlook

Morning Outlook

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Overnight Highlights

  • Overnight markets have corn +1, soybeans +5, wheat mixed, crude oil even, dollar +.20, gold -8.0 and the Dow +13.
  • Generally firmer trade overnight on continued support from good demand and amount of premium that has been taken out of the markets. Slow news wire overnight.
  • Elevator crop tours in central Illinois are showing yield estimates on par with 2014 estimates.
  • Ahead of Friday’s monthly USDA Cattle on Feed report, analysts expect On Feed at 101%, Placements 101% and Marketings at 100% of year ago levels.
  • Funds were estimated buyers of 1,000 corn, 2,500 wheat and sellers of 3,000 soybeans.

Commodity Weather Group Forecast

 

·         Near-term rains (mainly weekend) aid Midwest corn/soy filling, with wetter 6-15 day trends vs. yesterday; no heat risk

·         Localized heavier totals (up to 5”) to finish week in NW MO/SE NE/SW IA/SE MN, but no notable damage risk

·         Main threat for lingering dry pockets in C. NE/C. MO/far NE IN/far NW OH (10% or less of Midwest)

·         Very localized flooding possible rest of week in S. AR/N. MS; minor quality concerns for very early open boll cotton

·         Lesser 6-15 day rains in Delta limit corn harvest impacts, ease cotton quality concerns

·         Limited harvest interruptions to N. Plains wheat, Canada wheat/canola; Canadian wet spots should slowly ease

 

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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