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Morning Outlook

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Overnight Highlights

·         Grains and oilseeds are down across the board in the overnight under the weight of an impending large crop, despite demand continuing to grow.

·         Crop conditions were unchanged on the week with 73% of soybeans and 74% of corn rated good to excellent.

·         Harvest progress is currently sitting at 5% completed, with mature and dented corn both running 3% ahead of historical averages.

·         Yesterday’s release of FSA acres showed an increase of both corn and bean planted acres at 90.9 and 82.0 million acres respectively.

·         Russian AG Ministry on Tuesday reported that 79% of their harvest is complete, with an estimated yield of 2.7 mt per hectare the estimated yield. This yield is nearly 8% higher than last year.

·         Yesterday funds sold 9k soybeans, 5k corn, 4k meal, and 5k oil while buying 3.5k wheat contracts.

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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