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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn even, soybeans +1 ½, wheat +1, crude -.19, gold +6.00, Dollar index -.13, Dow futures +11.  
  • U.S. Ambassador to China, Terry Branstad, recently took his post and says he hopes the Chinese government will consider approving more varieties of GMO corn for import.
  • Russian Ag Ministry is reporting lower yields for the southern area of their grain growing region.
  • IKAR, Russian consultancy, is predicting a grain harvest ranging from 111-116 MMT compared to an earlier estimate of 110-115 MMT.
  • Stats Canada will be releasing their crop planting report tomorrow, with corn acres expected to be down from the planting intentions report in April, 3.6 million acres vs. 3.75 million acres, but ahead of last year’s 3.32 million acres.
  • The Dollar has continued to weaken, at a low level not seen since October of last year.
  • EIA Ethanol Report at 9:30am CDT.
  • Tuesday funds bought 4,000 corn, 2,000 soybeans, 3,000 wheat, 5,000 oil. Sold 3,000 meal.  

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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