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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn +1 ¾, soybeans +2 ½, wheat +1 ½, crude -1.49, gold -4.60, Dollar index +.02, Dow futures +74.  
  • Chinese soybean crush margins are negative to the tune of $52/ton in Shandong, which is the lowest level in 33 months.
  • Brazil soybean exports are reported up over last year for the month of May, 10.96 MMT vs. 9.92 MMT.
  • Brazil corn exports are reported up significantly over last year, 309,986 MT vs. 26,740 MT.
  • LDC reports that due to infrastructure improvements in Northern Brazil, the cost of exporting soybeans will continue to fall over the next five year timeframe.
  • South Korea was busy in the overnight, buying 138K MT of optional origin corn and 120K MT of feed wheat.
  • Thursday funds sold 7,000 corn, 4,000 soybeans, 1,000 wheat, 2,000 meal, 3,000 oil.
  • USDA Weekly Export Sales will be announced this morning.

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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