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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn + ¼, soybeans +3 ½, wheat +2 ¼, crude +.20, gold +8.80, Dollar index -.25, Dow futures -46.  
  • Soybeans close at 9.04 yesterday is the lowest level on a weekly in 14 months, and they are down over 30 cents in trade this week.
  • Chinese ethanol exports were 15 times shipments last year in the month of May. China also auctioned off 1.171 MMT of corn out of 2.338 MMT offered at 50% clearance.
  • French AgriMer that corn good/excellent rating is down 2% from last week and winter wheat is down 6% from last week. It is feared that heat in the forecast next week combined with dry soil could even further amplify the situation.
  • While weather in the U.S. looks benign in the near-term, world weather is a different story as the EU, Ukraine, China, and Australia are plagued with heat/dryness. For now, all eyes are focused on U.S. weather.
  • Thursday funds sold 13,000 corn, 13,000 soybeans, 3,000 wheat, 6,000 meal, 4,000 oil.  

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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