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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn +1, soybeans +3 ¼, wheat +2 ¼, crude +.24, gold +10.60, Dollar -.16, Dow futures -78.     
  • Taiwan bought 65K MT of corn for fall shipment, thought to be from Brazil.
  • Jordan is tendering for 100K MT of hard milling wheat of optional origin.
  • Egypt has returned to the world market seeking wheat for late June after a 9-week hiatus. It is thought the supplies will be filled by either Eastern Europe or Russia.
  • The Dollar has been on a downward descent to levels not seen since President Trump was elected. This is seen as a positive for commodity exports, as U.S. products are more affordable on the world market.
  • Tuesday funds bought 1,000 wheat, 5,000 soybeans, 3,000 meal. Corn and oil even.

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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