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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn +1 ¼, soybeans +3 ¾, wheat +2 ¾, crude +.46, gold +3.30, Dollar -.16, Dow futures +29.     
  • Grains off to a positive start as rains and cool temps were not helpful to planting and emergence in parts of the Corn Belt.
  • The USDA will release planting progress numbers today – expected to show corn 80-85% complete compared to the average of 85%, and soybeans at 52%, right in line with the average.
  • The talk among folks in the seed industry is that this is the largest corn re-plant season in many years, mostly in the eastern and southern Corn Belt.
  • AgRural reported that Brazilian farmers have only sold 55% of 2016/17 soybean crop – lowest level in 10 years.
  • Commitment of Traders report on Friday showed managed money: corn short 203,909 up 4,733, soybeans short 36,523 off 2,188, and wheat short 121,385 off 13,493.
  • Keep an eye on the currencies, as the Dollar and Real both are down modestly.
  • Friday funds bought 11,000 corn, 4,000 soybeans, 5,000 wheat, 4,000 oil. Sold 2,000 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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