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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -5 ½,  Soybeans -13 ½, Wheat -5 ½, Crude -.45, gold -3.40, Dollar +.12, Dow futures -19.
  • Weakness this morning due to profit taking and improved weather.
  • USDA corn crop conditions were reported at 65% good/excellent compared to 68% last week, 76% last year and 67% average year-to-date.
  • USDA soybean crop conditions were reported at 62% good/excellent compared to 64% last week, 71% last year and 63% average year-to-date.
  • USDA spring wheat conditions were reported 35% good/excellent compared to 37% last week, 70% last year and 72% average year-to-date.
  • Monday funds bought 27,000 corn, 16,000 soybeans, 9,000 wheat, 6,000 meal, 8,000 oil.
  • USDA Crop Production and Supply & Demand report tomorrow.

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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