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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +4 ¼,  Soybeans +7 ¾, Wheat -1, Crude +.18, gold -6.60, Dollar +.29, Dow futures +4.
  • Hot temps and limited rainfall in the forecast for near-term helping the markets this morning.
  • Argentina’s Ag Ministry posted corn harvest will attain a record 49 MMT compared to their last estimate of 47.5 MMT and the USDA estimate of 41 MMT.
  • AgResource estimates that crop losses in the Plains states are now equivalent to at least 1 BPA off the national soybean yield.
  • EIA Ethanol report yesterday showed production up and stocks up and U.S. export demand is in decline. But, U.S. crude and gas stocks continue to drop, tightening the energy supplies.
  • USDA weekly export sales will be announced this morning.
  • Wednesday funds bought 10,000 corn, 8,000 soybeans, 3,000 meal, 3,000 oil. Sold 1,000 wheat.

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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