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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn +1 ¼, soybeans +5 ½, wheat +10 ¼, crude +.38, gold -3.10, Dollar index -.14, Dow futures +9.  
  • Market support this morning is viewed as resulting from concerns of heat moving into the Plains and the Western Corn Belt in the extended weather outlook. Globally, Ukraine is also a dry weather concern.
  • Spring wheat settled above $7 for the first time since 2014 and is up +22 ½ in the overnight.
  • Turkey slashed its import tax on wheat from 145% to 30%, causing importers to consider booking coverage well out into the year with all the uncertainty about world wheat crop yields.
  • EIA weekly ethanol production was pegged at 1.0 million barrels/day, up 25,000 barrels compared to last week. Ethanol stocks were reported lower by 442,000 barrels at 21.8 million.
  • Wednesday funds sold 11,000 corn. Bought 5,000 soybeans, 4,000 wheat, 3,000 meal, 3,000 oil.   
  • First Notice Day for July contracts is tomorrow.
  • USDA Acreage and Stocks 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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