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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn +4 ¾, soybeans +17 ¼, wheat +10 ¾, crude +.15, gold -8.60, Dollar index +.44, Dow futures +79.  
  • Commitment of Traders report showed as of Tuesday, June 27th: corn short 106,119 up 52,294; soybeans short 118,683 up 31,543; wheat short 10,158 off 10,813.
  • USDA Acreage Report: corn 90.886 million acres vs. estimates of 89.9; soybeans 89.513 million acres vs. estimates of 89.75; all wheat 45.657 million acres vs. estimates of 46.07.
  • USDA Quarterly Grain Stocks Report: corn 5.222 million bushels vs. estimates of 5.123; soybeans 0.963 million bushels vs. estimates of 0.983; wheat 1.184 million bushels vs. estimates of 1.137.
  • Chicago Board of Trade closes at noon today and will be closed tomorrow in celebration of July 4th holiday.  The market will reopen at 8:30am on Wednesday.

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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