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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -1 ½, soybeans -4 ½, wheat +2, crude oil even, dollar +.29, gold even and the Dow -34.
  • Mixed grain trade overnight. Corn and soy lower on continued harvest while wheat finding support better demand chatter.
  • Informa estimate yesterday had their corn yield at 174.5, just off 0.3 from their last month estimate. Their soy estimate was at 51.6 bpa, up from their 49.5 last month.
  • Brazil’s CONAB this morning estimates the 16/17 corn production at 82.3 mln mt vs the final 15/16 of 66.98 mln mt. 16/17 soybean production is estimated at 101.9 mln mt vs final 15/16 of 95.43 mln mt.
  • Argentina’s BAGE forecast 16/17 corn production at 36 mln mt, up 6 mln over last season.
  • Yesterday funds bought 4,000 corn, 5,000 wheat and sold 7,000 soybeans.

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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