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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1 ½,  Soybeans – ¾, Wheat -4 ¼, Crude -1.15, gold -2.20, Dollar +.19, Dow futures +1.
  • EIA Ethanol reported ethanol production down slightly from last week, and ethanol stocks were down 267K barrels.
  • Russia’s wheat exports are up this year in the first five months by 1.8 MMT to 10.1 MMT.
  • French wheat exports have been down this year due to gaining Euro and a less than stellar harvest, 4.53 MMT compared to 7.55 MMT at the same time last year.
  • Ukraine’s corn production is in jeopardy based on adverse weather and updated vegetation health maps, according to AgResource. Cumulative rainfall is at a decade low level with higher temperatures. Ukraine is key to supplying Europe’s corn needs.
  • Informa Economics released estimates yesterday of U.S. corn crop production at 14.166 billion bushels and corn yields of 169.7 bpa.
  • Thursday funds sold 6,000 corn, 12,000 wheat, 3,000 oil. Bought 6,000 soybeans, 4,000 meal.
  • Weekly Export Sales this morning at 7:30am 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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