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Morning Outlook

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Overnight Highlights

  • No overnight grain markets as they will re-open at 8:30am CDT. Crude -.72, gold +.20, Dollar +.23, Dow futures +8.
  • Soybean loadings for the year are 94% of the USDA estimate compared to the five year average of 94%, corn loadings are 86% vs. 80% and wheat is 10% vs. 10% average.
  • Brazilian soybean exports are at a record high – 45.5 MMT at the mid-point of the year.
  • Grain Crushings report at 2pm and Crop Progress at 3pm. Expectations are for the NASS crop condition report to show a decline across the grain complex.
  • Monday funds bought 15,000 corn, 20,000 soybeans, 16,000 wheat, 8,000 meal, 2,000 oil.

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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