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Morning Outlook

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Overnight Highlights

  • Overnight grain markets have corn + 3 ½, soybeans + 4, and wheat + 4 ½.     
  • Other overnight markets: crude oil + 3.21, dollar +.13, gold -3.50 and the Dow +35.
  • USDA baseline numbers did not have a big influence in the trade with 2017/18 corn plantings at 90 million acres off 4.5 million from this year, and 2017/18 soybean acres at 85.5 million up 1.7 million.
  • China announced that their grain production will fall by 2.5% by 2020 due to plans to take 5 million hectares of land out of production and turn it into grassland.  These parcels have been severely polluted by agricultural chemicals and industrial waste.
  • Tuesday funds sold 24,000 corn, 6,000 soybeans, 5,000 wheat, 3,000 meal and 3,000 oil.
  • Egypt bought 240K mt of wheat from Russia.

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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