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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn +2, soybeans +10, wheat +1, crude oil +.12, dollar +.10, gold -4.10 and the Dow +18.
  • The USDA and Brazil come out with monthly crop reports on Thursday.
  • Informa, AgRural and Safras Mercado all raised their estimates for Brazilian soybean production last week.
  • The Commitment of Traders  report showed Index Funds positions: corn long 264,704 up 4,211; soybeans long 116,014 up 1,423; wheat long 85,895 off 28,930; soybean meal long 80,337 up 817; soybean oil long 73,530 up 717.
  • The Commitment of Traders report showed Managed Money corn long 3,461 off 17,437; soybeans long 152,852 off 23,558; wheat short 99,087 off 10,338; soybean meal long 66,014 off 2,371; soybean oil long 66,975 off 28,930.   

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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