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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -7 ¼,  Soybeans -18 ½, Wheat -6 ½, Crude +.39, gold +1.70, Dollar +.12, Dow futures -12.
  • Overnight markets down as a result of weekend rains and an extended forecast featuring normal to below normal temps.
  • Crop conditions estimates for this afternoon include: corn 62-64% good/excellent compared to 64% last week, 76% last year and 64% average year-to-date; soybeans 59-61% good/excellent compared to 61% last week, 71% last year and 62% average year-to-date.
  • USDA Cattle on Feed report on Friday showed: On Feed 103% vs. 102.9 estimated; Placements 116% vs. 106.1% estimated; Marketings 104% vs. 104% estimated.
  • Commitment of Traders Report as of July 18th showed Managed Money: corn long 104,670 up 3,706; soybeans long 38,351 up 19,303; wheat long 35,926 off 8,759.
  • Friday funds sold 18,000 corn, 7,000 soybeans, 4,000 wheat, 2,000 meal, 2,000 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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