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Morning Outlook

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Overnight Highlights

  • In overnight markets; corn + ½, soybeans +1 ½, wheat +2, crude +.32, gold +8.30, Dollar +.118, Dow futures -75.     
  • Firmer grain trade overnight. Corn supported on short covering following USDA’s drop in prospective plantings while soybeans are running short on fresh sellers following the March decline.
  • USDA reported winter wheat at 51% good/excellent vs 59% last year and 56% on average.
  • Most Southern states are ahead of pace on corn planting progress. Texas is at 56% vs 43% on average. Arkansas is at 30%, matching the average. Delta region plantings struggled with the recent heavy rainfall.
  • Export inspections of soybeans stand at 85% of total USDA estimate vs the five year average of 86%. Corn inspections are at 59% of USDA estimate vs the five year average for the date of 52%.
  • Monday saw funds buying 15,000 corn, 3,000 wheat and selling 7,000 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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