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Morning Outlook

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Overnight Highlights

  • In overnight markets corn -1 ¾, soybeans -4 ¼, wheat -2 ¼, crude -.44, gold -2.90, Dollar +.12, Dow futures -11.     
  • FC Stone came out with their estimates of Brazilian crop – soybeans at 109.1 MMT vs. 104.1 last month, and corn at 93.3 MMT vs. 91.5 MMT.
  • Bird flu is in the news again today as South Korea discovered 2 cases, which resulted in the culling of 50,000 birds.
  • Chinese soybean imports are up 23% compared to last February.
  • USDA crop report at 11am tomorrow.
  • Tuesday funds sold 7,000 corn, 7,000 soybeans, 1,000 wheat, 2,000 meal, 4,000 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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