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Morning Outlook


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Overnight Highlights

  • In overnight markets: corn – 1, soybeans +1 ½, wheat -3 ½, crude +1.43, gold +3.30, Dollar -.32, Dow futures +27.     
  • Expectations for corn planting progress are between 58-65%, compared to 75% last year. Expectations for soybeans are between 25-30% complete vs. 36% last year.
  • Informa’s report on Friday predicts U.S. corn planted acres this year to be 89.7 million compared to the USDA’s March forecast of 90.0 million. They pegged soybean planted acres this year at 89.7 million vs. the USDA 89.5 million acres.
  • The recent trade deal between China and the U.S. (which will allow beef imports to China for the first time since 2003) has already resulted in Chinese buyers looking to meet with Illinois beef producers, according to the Illinois Farm Bureau.
  • Commitment of Traders report on Friday afternoon showed managed funds: corn short 208,642 up 24,012, soybeans short 34,3345 off 13,332, and wheat short 107,892 off 16,746.
  • Friday funds bought 4,000 corn, 3,000 oil. Sold 2,000 soybeans, 1,000 wheat, 1,000 meal.

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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