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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn + ¼, soybeans -4 ¼, wheat +1 ¾, crude -.41, gold -4.40, Dollar -.04, Dow futures -40.     
  • The USDA reported corn planting behind this year, at 6% vs. expectations of 8% and compared to 9% average year-to-date.
  • China made a sale at auction out of its wheat reserves of 567,441 MT.
  • USDA weekly inspections tallied 48.2 MMT vs. 42.4 MMT last year.  Corn shipments were 35.8 MMT year-to-date vs. 21.8 MMT last year.
  • South Korea made a couple of purchases – 60K MT of optional origin corn and 55K MT of optional origin feed wheat.
  • Monday funds sold 9,000 corn, 3,000 soybeans, 7,000 wheat, 4,000 meal. Bought 5,000 oil.     

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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