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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn -1/4, soybeans -2, wheat -3/4, crude -.28, gold +2.8, Dollar index +.19, Dow futures -23.  
  • Corn ratings out this afternoon. Expectations are for corn ratings to advance 1-2% vs. 65% last week and 72% as the average.  Soybean planting should advance to 78-80% vs. 67% last week.
  • Brazil soy crop up 1.5 mmt to 114.5 mmt. USDA is currently at 111.6 mmt. Argentina soy crop up 1 mmt to 58 mmt. USDA currently at 57 mmt. USDA will update their numbers on the June 9th Supply/Demand report.
  • Brazil corn crop seen at 97.9 mmt vs. USDA expectation of 96 mmt.  USDA will also adjust this number in the June 9th Supply/Demand report.
  • DDG exports in April totaled 869 tmt.  So far this year sales are 19% ahead of last year with Mexico and Turkey the leading buyers.
  • Commitment of Traders report showed that managed money were net short 113,800 contracts of Chicago wheat up 600 contracts, 176,500 contracts of corn up 24,500, and 89,300 contracts of soybeans up 26,900 contacts.  Combined short of 404,000.
  • Aberdeen South Dakota Friday set a record 100 degree high.  Exceeding the high of 95 degrees in 1934.

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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