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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn – ½, soybeans -2 ¾, wheat -1, crude +.02, gold +3.70, Dollar +.04, Dow futures -20.     
  • CONAB estimated Brazil’s soybean crop at 113 MMT, 3 MMT over the April estimate
  • CONAB estimated Brazil’s corn production to be 92.8 MMT, 1.4 MMT above April and 26 MMT higher than last year same time period.
  • Export sales yesterday were disappointing this week as beans were the only grain that hit expectations.
  • The U.S. and China reached an agreement that will allow the U.S. to import more beef and poultry to the PRC.
  • Thursday funds sold 8,000 corn, 4,000 soybeans, 3,000 meal. Bought 2,000 wheat, 1,000 oil.
  • Today is the last trading day for May grains.

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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