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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -2, soybeans -1 ½, wheat -3 ½, crude oil +.18, dollar +.29, gold -4 and the Dow +42.
  • The Brazilian Real is positioned for its highest weekly close in 18 months.
  • USDA weekly reported soybean sales at 975K MT, above estimates of 600-900K MT.  Year-to-date sales are 50.5 MMT vs 40.5 MMT.
  • USDA weekly reported corn sales at 1.14 MMT, at the top end of estimates of 750K-1.2M MT.  Year-to-date sales are 40.2 MMT vs 24.2 MMT.
  • Thursday funds bought 3,000 wheat, 3,000 oil. Sold 1,000 beans, 3,000 meal. Even corn.   

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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