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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn even, soybeans +4, wheat – ¾, crude +.04, gold +.40, Dollar +.17, Dow futures -2.     
  • Based on unfavorable conditions and prices, the USDA is estimating Australia’s wheat crop to be down to 24 MMT vs. 35 MMT last year.
  • In Europe, there is mounting concern of dryness damaging the wheat crop if needed rains do not arrive soon.
  • In weekly export sales yesterday, the USDA showed soybean sales below estimates, but well ahead year-to-date at 55.7 MMT compared to 45.1 MMT.
  • Weekly corn export sales were within the estimated range and also well ahead of last year-to-date at 50.1 MMT vs. 34.9 MMT.
  • USDA Cattle Report and May options expiration today.
  • Thursday funds sold 9,000 wheat, 10,000 corn, 5,000 soybeans, 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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