Home Market Market Watch Morning Outlook

Morning Outlook


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Overnight Highlights

  • In overnight markets: corn -1 ¼, soybeans -3 ¼, wheat -3 ½, crude -.04, gold +8.30, Dollar +.22, Dow futures -19.     
  • Expectations are for the USDA to show corn planting as of Sunday to be in the range of 43-47% complete compared to 64% last year and 50% on average.
  • Soybean plantings are expected to be between 15-19% complete compared to 23% last year and 16% on average.
  • China’s Administration of Customs is reporting a record April in imports, totaling 8.02 MMT, compared to 7.07 MMT last year.  Year-to-date is up 18% over last year.
  • Commitment of Traders Report on Friday showed Managed Money: corn short 184,630 off 11,627, soybeans short 47,677 off 608, wheat short 124,638 off 37,689.
  • Friday funds bought 8,000 corn, 4,000 wheat, 6,000 oil. Sold 3,000 soybeans, 3,000 meal.
  • USDA Crop Report will be released Wednesday at 11am CDT.

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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