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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn + ¼, soybeans – ½, wheat +1 ½, crude +.54, gold +8.10, Dollar -.09, Dow futures -51.     
  • China’s corn planted area is expected to decrease by 2.5% in 2017/18 and soybean planted area is expected to increase by 9.4%.
  • Average trade estimates for U.S. corn new crop ending stocks are at 2,100 million bushels, which is 220 million bushels lower than the USDA old crop stocks in April.
  • Recent U.S. and EU weather models are in agreement that the trend will be wetter, with NASS showing 11 million acres of corn still to plant in MO, IL, IN, OH and MI.
  • Tuesday funds sold 1,000 corn, 3,000 wheat, 1,000 oil. Bought 6,000 soybeans, 4,000 meal.
  • USDA Crop Production Report will be released today at 11am

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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