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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +11 ½,  Soybeans +14 ½, Wheat +10, Crude +.45, gold +3.30, Dollar -.46, Dow futures +4.
  • The markets have responded to the declining crop conditions announced as well as extreme heat across the Central and Western Corn Belt in the days ahead.
  • USDA corn crop conditions were reported 64% good/excellent compared to 65% last week, 76% last year and 65% year-to-date. Of note, Iowa lost 6% and South Dakota lost 7%.
  • USDA soybean crop conditions were reported 61% good/excellent compared to 62% last week, 71% last year and 62% average year-to-date.
  • USDA spring wheat crop conditions were reported 34% good/excellent compared to 35% last week, 69% last year and 71% average year-to-date. Winter wheat harvest is 75% complete, ahead of the 71% average year-to-date.
  • Monday funds sold 5,000 corn, 5,000 soybeans, 4,000 wheat, 2,000 meal, 3,000 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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