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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -4 ½,  Soybeans -20 ¼, Wheat -12 ½, Crude -.39, gold +.50, Dollar +.06, Dow futures -3.
  • Weakness this morning due to friendlier weather and an overall negative USDA report for corn and wheat. Watch the track of a strong high pressure ridge across the mid-section of the country next week.
  • Weather will now be the focal point until the market has a better idea on yield, with July critical for corn and August for beans.
  • Wheat planting in Argentina are down as estimated by Rosario Exchange due to heavy rains – expecting 13.5 million acres planted compared to the last estimate of 13.8 million acres.
  • EU soft wheat production estimates were downgraded by Strategie Grains to 140.7 MMT from 141.6 MMT.
  • USDA weekly export sales estimates for today: corn 300K-500K MT, soybeans 200K-400K MT, wheat 300K-500K MT.

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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