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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn -2, soybeans -3, wheat -4 ¼, crude -.42, gold -13.00, Dollar -.12, Dow futures +56.     
  • Kansas Wheat Tour update: Southwest KS yield is estimated at 46.9 vs. 49.3 last year and compared to the five-year average of 39.1.  Look for final KS wheat numbers to be announced around 1pm CDT today. It is too early to and basically impossible to quantify the damage caused last week by snow and freezing temps across the Western Plains.
  • Pakistan is the latest buyer of U.S. soybeans as they opted for 65K MT for September shipment.
  • Live Cattle will be trading under expanded limits today.
  • Wednesday funds bought 8,000 corn, 4,000 soybeans, 3,000 meal, 1,000 oil, 1,000 wheat.
  • USDA export sales at 7:30am.

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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