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Morning Outlook

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Overnight Highlights

  • In overnight markets; corn + ½, soybeans -2 ½, wheat -2 ¼, crude +.42, gold +8.80, Dollar -.49, Dow futures -138.     
  • China, Egypt and Chile lifted bans on Brazil meat over the weekend.
  • Commitment of Traders report showed Managed Money: corn short 81,691 up 58,809; soybeans long 65,669 off 32,685; wheat short 121,005 up 20,376.  Look for aggressive selling across the board by Managed Money.
  • Brazil AgRural estimates soybean harvest 68% complete vs 62% last week.
  • USDA Cattle on Feed report: On Feed 100% vs 100.1% estimated, Placements 99% vs 98.9% estimated, Marketings 104% vs 103.3% estimated.

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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