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Morning Outlook

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Overnight Highlights

  • In overnight markets; corn +1 ¼, soybeans -1 ¼, wheat +1 ½, crude -.30, gold -3.70, Dollar -.17, Dow futures -42.     
  • Quarterly Hogs & Pigs Report:  All Hogs 104% vs estimate of 103.9%, March-May Farrowing 101% vs estimate of 101.8%, Marketing 104% vs estimates of 104%.
  • Agroconsult upped their forecast of Brazil’s soybean production to 113.3 MMT compared to previous of 111 MMT.  Corn is left unchanged.
  • Chinese crush margins are at 6-month lows – how will this affect soybean demand?
  • Thursday funds sold 4,000 wheat, 4,000 corn, 5,000 soybeans, 2,000 meal and 4,000 oil.
  • USDA planting intentions and quarterly grain stockpiles will be reported this morning 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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