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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn +1, soybeans +10, wheat +2, crude oil +.94, dollar -.30, gold +7.0 and the Dow +14.
  • Higher Chinese soy meal prices helped to support the CBOT soy complex last night. 
  • Friday’s Cattle on Feed came in close to estimates with On Feed at 99%, Placements 95% and Marketings 105%. Lower placements in the typical high placement month show feedlot resistance to current prices.
  • AgRural estimates Brazilian soy planting progress at 73% complete vs 70% a year earlier.
  • Argentine soy plantings are being held up due to rains. BAGE estimates progress at 24% complete.
  • Corn logistics issues inside China have many processors looking for alternative feed sources such as barley and sorghum.
  • Technical support seems to be the feature in the CBOT as we enter the lighter volume holiday week known for higher trends.

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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