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Morning Outlook


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Overnight Highlights

  • Overnight markets have corn –1 ¾,  soybeans -1, wheat -3 ¾, crude oil +.43, dollar -.08, gold +2.60 and the Dow -7.
  • It has been reported that Australian grain exports were at a record high last month.  Australia’s wheat crop  in 2016/17 was a record production of 35.1 MMT, eclipsing the previous mark of 29.6 MMT set in 2011/12.
  • Doane’s Agricultural Report came out with acreage estimates for the upcoming season, confirming the emerging line of thought that some corn acres will go to soybeans – corn plantings at 90.6 million acres vs 94.0 last year; soybean plantings at 86.7 million acres vs. 83.4 last year.
  • The USDA reported weekly soybean shipments at a solid 1.145 MMT vs estimates of 1.1-1.3 MM.  Corn shipments were reported 1.255 MMT vs trade estimates of 900K-1.1 MMT.
  • Monday funds bought 6,000 corn, 3,000 soybeans, 6,000 wheat, 3,000 meal. Sold 5,000 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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