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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn –3 ½, soybeans -12 ¼, wheat -4 ¼, crude oil +.22, dollar +.35, gold +1.60 and the Dow -43.
  • Grain markets traded lower overnight as weather is improving in South America and mounting concerns over the new Administration’s trade policies.
  • Commitment of Traders reported managed money at corn short 20,898, off 72,283; soybeans long 176,410, up 44,888; wheat short 88,699, up 3,682; soybean meal long 68,385, up 18,889; soybean oil long 95,905, up 10,622.
  • The USDA Cattle on Feed report showed on feed 99% vs. 99% expected; placements 118% vs. 108.4% estimated; marketings 107% compared to the expected 106.7%.
  • Friday funds sold 5,000 corn, 2,000 soybeans, 5,000 wheat, 2,000 oil. Bought 1,000 meal.

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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