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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -5,  Soybeans +6 ½, Wheat -4 ¼, Crude +.75, gold -4.2, Dollar -.07, Dow futures +84.
  • Overnight corn and wheat are down on improved forecasts with rain across dry areas of the Western Midwest and cooler temps across the midsection of the U.S., while beans are up on a lower than expected crop rating.
  • USDA reported corn crop conditions 62% good/excellent compared to 64% last week, 76% last year and 64% average year-to-date.
  • USDA reported soybean crop conditions 57% good/excellent compared to 61% last week, 71% last year and 62% average year-to-date. Illinois fell 8% and the crop appears to be a month behind in maturity.
  • USDA reported spring wheat 33% good/excellent compared to 34% last week, 68% last year and 70 average year-to-date. Crop rated poor/very poor added up to 39%.
  • USDA reported winter wheat 84% harvested compared to 75% last week, 82% last year and 78% average year-to-date.
  • Spring Wheat crop tour starts today.

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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