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Morning Outlook

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Overnight Highlights

  • In overnight markets corn + ½, soybeans +4 ½, wheat 6 ¼, crude -.33, gold +5.90, dollar +.02, Dow futures +88.     
  • China announced that they only plan to import 1 MMT of corn this year compared to 2 MMT last year.  Their domestic prices have fallen to the point that imported corn is not competitive.
  • Argentina’s Buenos Aires Cereal Exchange reported that corn planting is completed and they expect a 2016/17 crop of 37 MMT vs. 30 MMT this past growing season.
  • USDA Supply & Demand report last Thursday estimated corn ending stocks at 2.317 MMT vs. 2.320 last month and 1.737 last year, soybeans stocks at 418 MMT vs. 420 last month and 197 last year, wheat stocks at 1.135 MMT vs. 1.139 last month and 976 last year. 
  • Commitment of Traders report released Friday afternoon showed index funds: corn long 276,295 off 4,450, soybeans long 120,301 off 55, and wheat long 85,967 up 709.
  • Commitment of Traders report also showed managed money: corn long 82,135 off 10,081, soybeans long 131,576 off 22,731, and wheat short 55,466 up 28,801.

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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