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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + 1,  Soybeans +6 ¼, Wheat + 3, Crude -.18, Gold +4.70, Dollar -.26, Dow futures -61.
  • Day Two results from the Pro Farmer Tour: Nebraska corn 165.4 bpa vs. last year’s tour estimate of 158.6 bpa; Nebraska soybean pod count was pegged at 1,131 vs. 1,223 last year and the three year average of 1,182.
  • Day Two results from the Pro Farmer Tour: Indiana corn 171.2 bpa vs. last year’s tour estimate of 173.4 bpa. Indiana soybean pod count was pegged 1,169 vs. 1,178 last year and the three year average of 1,164.
  • The U.S. Commerce Department levied duties on biodiesel dumping into the U.S. market that is retroactive to May – 50.3-64.2% duty against Argentine biodiesel and 41-68% against Indonesian biodiesel.
  • The Chinese import logs for July show imports of 910K MT of corn, an increase over the 383K MT for June. They exported six times more ethanol than same time last year with most going to the Saudis.
  • Monday funds sold 7,000 corn, 5,000 wheat, 1,000 meal. Bought 2,000 soybeans and 3,000 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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