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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn +2 1/4, soybeans +3 1/2, wheat -6, crude +.09, gold -14.0, Dollar index +.123, Dow futures +73.  
  • Traders looking for this afternoon’s conditions report to show Soybean conditions 67% to 69% good to excellent vs. 67% last week and 63% for average.  Corn conditions 68% to 69% good to excellent vs. 67% last week and 68% for average.
  • Ukraine state weather bureau Monday gave an outlook of the 2017 crop at 59 mln mt tonnes which is off 10.5% from last year’s crop.  This total is made up of wheat and corn.
  • In this Friday’s USDA crop report analysts expect 2017 Corn acreage at 89.9 mln acres compared to 89.99 mln in the March intentions report.  Soybeans at 89.8 mln acres compared to 89.48 in the March intentions report.
  • In this Friday’s USDA crop report analysts expect U.S. corn stocks as of June 1st to be 5.12 bln bu. compared to 8.62 bln on March 1st and 4.71 June 1, 2016. Soybean stocks to be .983 bln bu. compared to 1.735 bln on March 1st and .872 bln June 1, 2016.
  • Cattle on Feed report Friday showed 103% vs. estimate of 102% and 102% a month ago. Cattle placements 112% vs. estimate of 110% and 111% a month ago. Cattle marketing’s 109% vs. estimate of 109% and 103% a month ago.

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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