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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn +2 ¼, soybeans + ½, wheat +2, crude +.01, gold +5.90, Dollar +.13, Dow futures -10.     
  • Kansas Wheat Tour wrap-up: estimated yield is 46.1 bpa compared to the 5-year average of 41.6.  The overall KC wheat crop is estimated to be 281.74 million bushels vs. 467 last year.
  • France Agrimer pegged soft wheat at 74% good/excellent compared to 78% last week due to dry weather conditions.
  • France Agrimer estimated corn 84% planted vs. 76% last week.
  • The Mississippi River is expected to crest over the weekend near St. Louis and terminals are expected to re-open by middle of next week.
  • The U.S. International Trade Commission is expected to release their ruling/findings re: biodiesel dumping by Argentina and Indonesia.
  • Thursday funds bought 1,000 wheat, 8,000 corn, 4,000 soybeans, 3,000 meal. Sold 1,000 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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