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Morning Outlook


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Overnight Highlights

  • In overnight markets: corn -1 ¾, soybeans – ¼, wheat -3, crude +.20, gold -3.00, Dollar index +.47, Dow futures +22.  
  • China’s Ag Ministry lowered its corn production estimate for 2017/18 by 1.5 MMT due to losses suffered from drought and hail.
  • Brazil’s Agroconsult updated their soybean production number to 115 MMT and 2nd crop corn to 68.8 MMT vs 67 MMT last month.
  • French AgriMer is reporting corn conditions 87% good/excellent and winter wheat 75% good/excellent.
  • USDA corn and soybean weekly sales announced yesterday were below expectations but both are well ahead of last year. Soybeans year-to-date are at 58.6 MMT compared to 48.5 MMT last year, while corn is 54.0 MMT compared to 44.6 MMT last year.
  • Thursday funds bought 15,000 corn, 8,000 soybeans, 6,000 wheat, 2,000 meal, 4,000 oil.
  • USDA Supply & Demand report at 11am 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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