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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn -3 ¼, soybeans -2, wheat -3 ½, crude -.21, gold -4.90, Dollar +.03, Dow futures -20.    
  • USDA corn planting expectations 90-90% complete vs. 94% last year and 92% average.
  • USDA soybean planting expectations 63-68% complete vs. 73% last year and 66% average.
  • USDA Crop Conditions Report this afternoon – expectations for corn to be rated 68-69% good/excellent compared to last year’s 72% (which is also the average).
  • Commitment of Traders report on Friday showed managed money: corn short 176,503 off 27,406; soybeans short 62,355 up 25,832; wheat short 113,211 off 8,174.

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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