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Morning Outlook

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Overnight Highlights

  • In overnight markets; corn -1/2, soybeans -4, wheat mixed, crude +.19, gold mixed, Dollar +0.112, Dow futures +13.     
  • Lower to mixed trade overnight. March 31st planting report continues to loom for the market. Farmer sales are quiet. South American crop size hangs on the market but is old news.
  • Year to date Soybean imports to China are up 4% compared to a year ago while DDG imports are down 78%.
  • The Brazilian meat scandal coupled with the recent weakness in the dollar has the potential for a ramp up in US meat exports.
  • Packers offering high $120s while so far the asking prices are running in the mid $130s for cash cattle.
  • This morning export sales had corn, soybeans and wheat all fall within trade expectations.
  • Yesterday funds sold 7,000 corn, 3,000 wheat and were even on 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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