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Morning Outlook

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Overnight Highlights

  • In overnight markets; corn +2 ¼, soybeans +8 ¾, wheat +1 ¾, crude +.50, gold -3.50, Dollar -.07, Dow futures +5.     
  • Grains traded higher overnight as soybeans are considerably oversold.  The May/July soybean spread trade was responsible for over half of the May soybean volume last night.
  • The French fowl have a bad case of bird flu, causing feed demand to decrease by 330K MT.
  • Brazilian soybean production estimates continue to rise, as Celeres was the latest to raise the bar, predicting 113.8 MMT, up from 109.7 in March.
  • EIA Energy Stocks report is today at 9:30am CDT.
  • Tuesday funds sold 11,000 corn, 3,000 soybeans, 1,000 meal. Even oil and wheat.

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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