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Morning Outlook


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Overnight Highlights

  • Overnight grain markets: Corn -6 ¼,  Soybeans -11 ½, Wheat -5 ¾, Crude +.60, gold +1.10, Dollar +.09, Dow futures +25.
  • Market down on overnight rains but forecast from here on out for the rest of the month is hot and dry for the Central U.S.
  • USDA report today is not expected to show a big change in the corn balance sheet, but may lower new crop yield by 1-2 bu/acre.
  • China came out with updated crop output forecasts by raising soybeans 2017/18 from 14.1 MMT to 14.73 MMT and corn from 211.7 MMT to 211.9 MMT.
  • Pakistan bought 180K MT of U.S./Brazil soybeans on Monday and another 65K MT today.
  • World cash markets are rallying sharply higher, with the U.S. wheat being the world’s most expensive at this time.
  • Tuesday funds bought 6,000 soybeans, 3,000 wheat, 3,000 oil. Sold 1,000 meal, 4,000 corn.
  • USDA Crop Production and Supply & Demand report today at 11am 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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