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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn +4 ¼, soybeans +5 ¼, wheat +12 ¾, crude +.41, gold -3.10, Dollar index -.15, Dow futures +44.  
  • All three wheat categories are leading the grains with double digit gains overnight in anticipation of the USDA report.
  • Focus of the USDA report today is U.S. corn feeding and final numbers on U.S. soybean planting. Most are expecting soybean acres to overtake corn this year for the first time since 1983.
  • Average estimates reported by analysts for acreage: corn 89.9 million, soybeans 89.8 million and wheat 46.1 million.
  • Historically, this USDA report results in an average swing of corn by 15 cents and soybeans by 22 cents.
  • U.S. Dollar ventured down into new lows overnight.
  • Thursday funds bought 10,000 corn, 4,000 soybeans, 16,000 wheat, 4,000 oil. Sold 3,000 meal.
  • First Notice Day for July contracts is today.
  • USDA Acreage and Stocks Report Today 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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