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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn +4, soybeans +2, wheat +3 ¼, crude -.97, gold +1.70, Dollar -.10, Dow futures +15.    
  • USDA showed corn planting 91% complete compared to 93% last year and 92% average year-to-date. Corn emerged was 73% vs. 54% last year and 75% average.
  • USDA corn crop conditions were reported at 65% good/excellent vs. estimates of 68% and 72% last year-to-date.
  • USDA soybean planting showed 67% complete compared to 71% last year and 67% average year-to-date. Soybeans emerged was 37% vs. 42% last year and 40% average.
  • USDA announced winter wheat rated 50% good/excellent compared to 52% last week, 63% last year and 47% average year-to-date.
  • Exports of soybeans to China in the 3rd quarter are expected to decline due to margins being in the red and the worst they have been in three years, as Chinese traders are canceling/rolling forward purchases.
  • Tuesday funds sold 12,000 corn, 10,000 soybeans, 6,000 wheat, 4,000 meal, 4,000 oil.

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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