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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn +1/4, soybeans +3/4, wheat +1, crude oil -.29, dollar +.20, gold -1.0 and the Dow -48.
  • Grains somewhat supported overnight on quiet trade. Market pinned right now between hedge pressure on rallies and demand supporting breaks. US dollar continues to find strength.
  • Informa estimates 2017 US soy acres to be up 5.7% from last year.
  • Huge weekly soybean export sales yesterday. Soybean sales now equal 57% of the total USDA estimate vs the five year average for this date of 58%.
  • Yesterday funds were sellers of 10,000 corn, 6,000 soybeans and 2,000 wheat.
  • Cattle on Feed will be out this afternoon.

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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