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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +5 ½,  Soybeans 8 ¾, Wheat +5 ¼, Crude +.31, gold +4.20, Dollar -.03, Dow futures -3.
  • USDA reported weekly corn export sales at 161K MT vs. trade estimates of 350K-700K MT. Year-to-date corn exports are 55.8 MMT compared to 47.9 last year.
  • USDA reported weekly soybean export sales at 228K MT vs. trade estimates of 250K-600K MT. Year-to-date bean export sales are 60.0 MMT compared to 51.7 MMT last year.
  • The U.S. Farm Lobby is voicing concerns to the Trump Administration about upcoming NAFTA talks and that agriculture not suffer in exchange for better deals for manufacturing.
  • Thursday funds sold 30,000 corn, 30,000 soybeans, 17,000 wheat, 8,000 meal, 5,000 oil.

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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