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Morning Outlook

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Overnight Highlights

  • In overnight markets corn -1/2, soybeans even, wheat mixed, crude +.17, gold +2.7, Dollar +.08, Dow futures +14.     
  • A second case of Tennessee bird flu has been detected in breeding flocks – leading to the destruction of 55,000 chickens.
  • France’s Agrimer estimates French soft wheat at 92% good/excellent, unchanged from last week.
  • Export sales to date have soybeans at 53.5 mln mt vs 43.3 mln mt last year. This is a TYD 97% of the USDA estimate vs the five year average of 92%.
  • Corn export sales are at 45.4 mln mt vs 30.0 mln on this date last year. Crop year to date sales equal 80% of the total USDA estimate vs the five year average of 76%.
  • Yesterday funds were estimated buyers of 1,000 wheat, 6,000 corn and 3,000 soybeans.

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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