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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ¾,  Soybeans -1 ¾, Wheat +3 ¾, Crude +.43, gold -4.70, Dollar even, Dow futures +52.
  • The Wheat Quality Council Spring Wheat Tour gave its first day update – estimated yield of 37.9 bpa, compared to last year first day’s 43.1 bpa and the five year average of 45.7 bpa. The tour started in the best HRS areas of the Eastern Dakotas.
  • Distinguished crop scout Cordonnier reduced his U.S. corn and soybean forecast to 163 bpa for corn and 46 bpa for soybeans.
  • South Africa is expecting to make a nice rebound from last year’s drought as analysts are predicting record corn production of 15.7 MMT compared to 7.7 MMT last year.
  • Tuesday funds sold 15,000 corn, 14,000 soybeans, 10,000 wheat, 7,000 meal, 4,000 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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