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Morning Outlook

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Overnight Highlights

  • In overnight markets; corn +2, soybeans +1 ¾, wheat +2 ¾, crude +.27, gold -4.10, Dollar +.11, Dow futures -19.     
  • Markets are oversold and continuing to correct in front of Friday’s USDA report.
  • AgRural projects Brazil’s soybean harvest at 68% complete compared to 67% average for this time of year.  Soybean production was unchanged at 107 MMT.
  • The South African government is predicting their largest corn crop since 1981 at 14.3 MMT vs 7.7 MMT last year.
  • EIA Energy Stocks will be announced today.
  • USDA planting intentions and quarterly grain stockpiles will be reported this Friday at 11am CDT.

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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