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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ¾ ,  Soybeans -2 ¼, Wheat + ¼, Crude +.01, Gold -5.80, Dollar +.34, Dow futures +52.
  • Results from day one of the Farm Journal crop tour: Ohio corn yield at 164.6 bpa vs. last year’s 148.9 bpa. The average soybean pod count for Ohio was 1,107 vs. 1,055 last year. South Dakota corn yield at 147.7 bpa vs. last year’s 149.7 bpa. South Dakota soybean pod count 899.5 vs. 970.6 last year.
  • The USDA reported corn condition at 62% good to excellent which is exactly the number the trade was looking for. Soybean rating came in at 60% good to excellent. Again, exactly what the trade was looking for.

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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