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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn +1 ¼, soybeans +1, wheat -5 ½, crude -.15, gold +4.00, Dollar index -.10, Dow futures -8.  
  • Reuters’ analysts are trimming 3% off the wheat production in Western Europe due to dryness and hot weather in Spain, Italy and France.
  • Analysts are also cutting back expectations for Kazakhstan’s all grain crop compared to last year by 2-3 MMT to 17-18 MMT.
  • U.S. Ag Secretary, Sonny Perdue, is meeting with Mexico and Canada in talks about NAFTA this week. President Trump has indicated a willingness to consider renegotiation of this treaty.
  • Tropical storm, Cindy, looks to be a big rain maker as it will make its way through the Gulf States and north through the Delta.
  • Tuesday funds sold 13,000 corn, 10,000 soybeans, 6,000 oil, 3,000 meal. Bought 6,000 wheat.  
  • July option expiration for the grains is this Friday.

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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