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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn -1, soybeans + ½, wheat +1 ¾, crude +.33, gold +2.00, Dollar -.32, Dow futures -1.     
  • France Agrimer gave a weekly update that showed soft wheat 78% good/excellent compared to 85% last week, due to dryness.
  • BA Grain Exchange announced their corn and bean estimates for Argentina unchanged at 37 MMT and 56.5 MMT respectively.
  • Brazil’s Ag Minister is looking to the trade council to enact tariffs on U.S. ethanol into Brazil to curb imports.
  • Both corn and soybean exports sales announced yesterday were strong and both are well ahead of this date last year. Corn: 51.0 MMT vs 37.1 MMT and beans 56.4 MMT vs 45.3 MMT.
  • Live Cattle and Feeder Cattle will have expanded limits today as they both closed limit bid yesterday.
  • Thursday funds bought 6,000 wheat, 6,000 corn, 3,000 soybeans, 3,000 meal. Sold 3,000 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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