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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +2 ½,  Soybeans +4 ¼, Wheat +4 ¼, Crude -.45, gold +13, Dollar +.05, Dow futures +15.
  • Overnight markets higher on latest extended forecast showing dry conditions for the Plains and Western Corn Belt.
  • Spring Wheat Tour announced Day 2 results: 35.8 bpa compared to 46.9 bpa last year and the five year average of 46.6 bpa.
  • EIA Ethanol reported production lower by 14,000 barrels/day to 1.01 million barrels/day, and ethanol stocks down 608K barrels from last week at 21.5 million barrels.
  • South Africa’s government upped their corn yield estimate to 15.9 MMT compared to the previous estimate of 15.6 MMT. Last year’s drought-stricken yield was a paltry 7.7 MMT.
  • USDA weekly export sales report this morning.
  • Wednesday funds bought 9,000 corn, 8,000 soybeans, 3,000 wheat, 3,000 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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