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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -5 ¾,  Soybeans -9, Wheat even, Crude -.54, gold +2.80, Dollar -.20, Dow futures -18.
  • Markets trading lower due to rains falling this morning over dry areas of South Dakota, Iowa and Nebraska.
  • In addition to soybeans, the U.S. and China negotiated an agreement to allowing for rice imports from the U.S. for the first time ever.
  • French Agrimer came out with their weekly crop condition ratings showing soft wheat unchanged at 66% good/excellent and corn unchanged at 81% good/excellent.
  • Corn and soybean weekly export sales were both well above expectations. Corn sales were 466,500 MT vs. estimates of 150K-350K MT, while soybean sales were 409,600 MT vs. estimates of 100K-300K MT. Corn and bean sales are both well ahead of last year at this time.
  • Cattle on Feed Report due out this afternoon at 2pm CDT. Average estimates include: On Feed 102.9%, Placements 106.1% and Marketings 104.7%.

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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