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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn + ½, soybeans – ¾, wheat +1 ¼, crude -.50, gold +1.00, Dollar -.07, Dow futures +12.     
  • Minnesota-based Cargill has announced it is leaving the cattle feeding sector to direct capital to other investments which include expanding its North American protein business by exploring plant-based and other opportunities.
  • Brazil is on track to ship a record 10.9 MMT of soybeans in April.
  • The U.S. Ag attaché in Argentina boosted their estimate for corn production to 39.0 MMT from 38.5 MMT, with record exports of 28.0 MMT predicted compared to last year’s 26.5 MMT.
  • EIA weekly ethanol production was reported at 987K barrels/day off 6K barrels from last week.  Ethanol stocks were up 235K barrels to 23.2 million barrels.
  • Wednesday funds sold 12,000 corn, 9,000 beans, 5,000 meal. Bought 5,000 oil, even 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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