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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn +3 ¾, soybeans +11, wheat +6, crude oil +.14, dollar +.03, gold +5.50 and the Dow +3.
  • Grain markets trading higher with support that areas of SE Argentina missed some of the expected weekend rains.
  • Soybeans climbed back above the 100 day moving average.
  • Friday’s Cattle on Feed Report: On Feed 99% vs. 98.5% estimated; Placements 115% vs. 112.3% estimated; Marketed 117% vs. 116% estimated.
  • Commitment of Traders report showed managed funds: corn short 97,086 up 23,079; soybeans long 111,712 off 9,038; wheat short 103,595 up 10,665; soybean meal long 15,982 off 2,583; soybean oil long 97,887 off 3,480.
  • Friday Funds sold 6,000 soybeans, 3,000 corn, 2,000 wheat, 2,000 soybean meal, 3,000 soybean oil.

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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