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Morning Outlook

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Overnight Highlights

  • In overnight markets; corn + ½, soybeans +5 ¾, wheat – ¼, crude +.32, gold +1.30, Dollar +.04, Dow futures -3.     
  • After processing the supply and demand and crop production reports yesterday, the markets seem to have moved on without being affected negatively, and will focus on the US planting and growing season for future direction.
  • South American forecast is trending positive for them as needed dryness is predicted short term, and possible rains to follow.
  • Ironically, in spite of the recent flap over tainted Brazilian beef, their exports were up 20% last month.
  • Taiwan bought 65K MT of US corn for June, while it was reported South Korea bought 65K MT of optional origin feed wheat.
  • Tuesday funds sold 7,000 corn, 6,000 soybeans, 5,000 oil.  Bought 3,000 meal and 4,000 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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