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Morning Outlook

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Overnight Highlights

  • Overnight grain markets have corn – ¼, soybeans + 10 ¾, and wheat – 4 ¾.     
  • Overnight markets have crude oil -.20, dollar -.17, gold +11.40 and the Dow -62.
  • USDA weekly corn sales were reported to be 1.688 mmt vs. the trade estimate of 900K-1.2 mmt.  Soybean sales were announced at 1.898 mmt compared to the trade estimate of 1.2-1.5 mmt.
  • U.S. soybean prices have become less competitive than Brazil on the world market, which is not being helped by the strong Dollar.
  • Friday funds bought 6,000 soybeans, 3,000 meal and sold 5,000 corn, 3,000 wheat and 3,000 oil.
  • Commitment of Traders report will be released 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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