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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn –5 ¼,  Soybeans -12 ¼, Wheat -5, Crude -.01, gold -.50, Dollar +.18, Dow futures +50.
  • Overnight markets received pressure from rains this week and in the extended forecast that were absent in Friday’s outlook.
  • Crop condition rating expectations: corn 62-64% good/excellent and soybeans 57-59% good/excellent.
  • Commitment of Traders report as of  showed managed funds: corn long 106,815 up 2,145; soybeans long 50,885 up 12,534; wheat long 27,850 off 8,076.
  • Egypt’s Supply Minister announced they will be increasing imports of wheat in 2017/18 by 800K MMT to 7 MMT.
  • Friday funds bought 3,000 corn, 5,000 soybeans, 3,000 wheat, 7,000 oil. Sold 2,000 meal.
  • USDA Export Inspections report at 10am and Crop Progress report at 3pm CDT.

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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