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Morning Outlook

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Overnight Highlights

  • In overnight markets; corn +2 ¾, soybeans +2, wheat +4, crude -.01, gold -2.40, Dollar +.25, Dow futures +11.     
  • China reported six new cases of bird flu over the weekend and one death.
  • South Korea bought 125K MT of optional origin feed wheat.
  • Commitment of Traders report showed index funds: corn long 224,387 off 32,074, soybeans long 108,957 off 2,661, wheat long 90,533 up 3,465.
  • Commitment of Traders report showed managed money: corn short 155,512 up 73,821, soybeans long 37,916 off 27,753, wheat short 136,150 off 15,145.
  • It is expected managed money will be an aggressive seller this week across the board.
  • The USDA should come out with their first Crop Conditions report of the season this afternoon.

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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