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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn +1, soybeans +2 ½, wheat +5 ½, crude +.02, gold +10.70, Dollar index -.07, Dow futures -33.  
  • USDA reported corn crop conditions at 68% good/excellent compared to 74% last year and 71% average year-to-date.
  • USDA reported corn emerged 86% compared to 88% last year and 87% average year-to-date.
  • USDA reported soybean planting 83% complete compared to 82% last year and 79% average year-to-date.
  • USDA reported winter wheat 49% good/excellent compared to 62% last year and 46% average year-to-date.
  • Soybean shipments are 92% of the USDA estimate for year-to-date compared to the 5-year average of 92%, while corn is at 78% of the USDA estimate compared to the 5-year average of 71%.
  • Brazilian analysts Celeres and Banco Pine raised their estimate of corn production to 100 MMT and 102.2 MMT respectively. The previous record is 84.7 MMT.
  • Monday funds bought 2,000 soybeans, 1,000 corn, 1,000 oil. Sold 3,000 wheat, 2,000 meal.

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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