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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +3 ¼,  Soybeans +6 ¾, Wheat +4, Crude -.11, gold -6.20, Dollar -.08, Dow futures +35.
  • USDA Biofuel Production for June: 1.819 MMT of DDGs, off from 1.894 MMT last year; 436.7 mbu of corn used for ethanol, up from 427.6 mbu last year; 154.1 mbu of soybeans crushed, compared to expectations of 146.9 mbu.
  • Brazil’s soybean exports for July totaled 7.0 MMT, down from 9.2 MMT in June but up from last year in July (5.8 MMT).
  • FC Stone announced its latest estimates of U.S. crop production at 162.8 bu/acre for corn and 47.7 bu/acre for soybeans. This compares to the last USDA estimates of 170.7 bu/acre for corn and 48 bu/acre for soybeans.
  • Tuesday funds sold 15,000 corn, 19,000 soybeans, 8,000 wheat, 6,000 oil and 7,000 meal. 
  • EIA Energy Stocks report at 9:30am CDT.
  • Informa will release monthly U.S. Crop Estimates at 10:30am 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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