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Morning Outlook

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Overnight Highlights

  • In overnight markets corn -2, soybeans -1 ½, wheat -3 ½, crude -.25, gold +6.40, Dollar +.01, Dow futures -2.     
  • AgRural estimated Brazilian soybean harvest at 52% complete, exactly in line with last year and ahead of average (47%).  Second crop corn planting is 88% complete compared to 83% average.
  • The Commitment of Traders report with options showed index funds: corn long 266,002 off 10,293; soybeans long 124,621 up 4,320; wheat long 87,815 up 1,848.
  • The Commitment of Traders report showed managed money: corn long 80,081 off 2,054; soybeans long 127,638 off 3,938; wheat short 63,180 off 7,714.
  • Friday funds sold 10,000 corn, 2,000 soybeans, 3,000 wheat, 3,000 oil. Bought 1,000 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.

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