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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn +3 ½, soybeans +6 ½, wheat +5, crude -.24, gold -3.10, Dollar index +.30, Dow futures +1.  
  • Taiwan put in a tender for 92,400 MT of U.S. wheat for August shipment.
  • Bird flu is back in the news with South Korea set to cull 190K birds after H5N8 strain was discovered.
  • There is now some concern surrounding the Central U.S. weather offering extreme heat and limited rainfall into mid-June.
  • Watch July corn and if it is able to close above 3.80 today, with technicals poised to break out to the upside.
  • Tuesday funds bought 11,000 corn, 3,000 soybeans, 6,000 wheat, 1,000 meal, 1,000 oil.
  • EIA Energy report at 9:30am CDT.

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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