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Morning Outlook

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Overnight Highlights

  • In overnight markets corn +1 ¼, soybeans +4 ¾, wheat -1 ¾, crude +.87, gold -8.90, dollar +.56, Dow futures +59.     
  • Brazilian soybean harvest is moving at a good clip – Mato Grosso is estimated at 52% complete compared to the average of 29.5%, while Safras Mercado harvest is reported 24.8% complete vs. 17.1% average for this date.
  • Argentina’s Climate and Water Institute reported that their corn and soybean crop is reaching a milestone stage of development in ideal conditions, and that they are expecting possible record yields.
  • China’s COFCO is in talks with Japan to sell them 15-23K MT of their large corn stockpiles, due to shortages in Japan from lengthy delays of cargos from the northwestern US.  Japan is expected to tap into emergency feed piles as they are at critically low levels.
  • The USDA Forum this week will be closely watched by traders for direction.
  • Export inspections will be announced today at 10am.

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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