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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +7 ¾,  Soybeans +18 ½, Wheat +12 ¾, Crude -.48, gold +2.70, Dollar +.13, Dow futures -13.
  • The overnight was sharply higher due to the Central US weather forecast being warmer/drier than last Friday, and the extended forecast remains warm and dry through late July for the Plains and Midwest. The drought in the Dakotas is also spreading south and east.
  • The trade is expecting a decline in corn crop conditions this afternoon to 64-66% good/excellent compared to 68% last week, 76% last year and 67 average.
  • The trade is expecting a decline in soybean crop conditions this afternoon to 62-64% good/excellent compared to 64% last week, 64% last year and 63% average.
  • The Commitment of Traders report on Friday afternoon showed Managed Funds: corn short 46,715 off 59,404; soybeans short 70,216 off 48,467; wheat long 18,003 up 28,161.
  • USDA Crop Production and Supply & Demand report 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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