Home Market Market Watch Morning Outlook

Morning Outlook

SHARE

cid:<a href=image009.jpg@01CE6CE4.660D8B30“>

Overnight Highlights

  • In overnight markets corn -1 ½, soybeans -3, wheat -1 ¼, crude +.13, gold -.50, Dollar +.15, Dow futures -26.     
  • Brazil’s Army reported that they were able to open a critical road north out of Mato Grosso that had become unpassable due to mud and rains, affecting the flow of soybeans to northern ports.
  • The USDA reported shipments of soybeans at 921,779 vs. trade estimates of 550K-750K MT.  Weekly corn shipments were pegged at 1.444 MMT vs. estimates of 1.000-1.300 MMT.
  • Estimates of Brazil’s harvest continue to increase with AgRural raising their projections of soybean production from 105.4 MMT to 107 MMT.  Second crop corn planting is also ahead of schedule.
  • Monday funds sold 7,000 corn, 2,000 oil. Bought 1,000 soybeans, 2,000 wheat, 2,000 meal.

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.

www.waterstreet.org 
or 1-866-249-2528