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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn +1, soybeans +2, wheat + ¼, crude +.09, gold -6.60, Dollar +.23, Dow futures even.  
  • European Commission adjusted its grain estimates lower for soft wheat production to 141.3 MMT from 141.9 MMT and corn production to 64.2 MMT from 66.5 MMT.
  • In Argentina, port grain inspectors are continuing their strike, while exporter Renova was able to obtain a $410M loan to build a new grain port and add capacity to a soybean processing plant.  
  • South Korea purchased 66K MT of U.S. or South American corn for August.
  • EIA Ethanol report out this morning. USDA April Soybean Crush out today. Weekly export sales delayed until tomorrow due to the Monday holiday.
  • Wednesday funds bought 10,000 corn, 5,000 soybeans, 1,000 meal. Sold 2,000 oil. Wheat 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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