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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn flat,  Soybeans +3 ½, Wheat +1 ¾, Crude -.21, Gold -2.30, Dollar +.12, Dow futures +48.
  • Pro Farmer Day Three results for Illinois: corn pegged at 180.7 bpa vs. last year’s 187.3 bpa and the USDA estimate of 188. Last year’s final USDA number was 197 bpa. Average soybean pod counts were estimated at 1,230 vs. 1,318 last year and compared to the three-year average of 1,269.
  • Pro Farmer Day Three results for western Iowa: corn pegged at 178.6-179.3 bpa compared to the recent USDA Iowa predication of 188 bpa and last year’s final number of 203 bpa . . more IA results to be announced Thursday evening. Soybean counts were at 1,226 to 1,158.
  • A large Central IL Co-op finished off their crop tour of the state and estimated corn yield at 183 bpa vs. 211 bpa. Soybean pod counts were seen at 50 bpa vs. 54 last year.
  • EIA weekly report showed ethanol production up 7,000 barrels/day to 1.05 million and ethanol stocks were down by 319K barrels to 21.5 million.
  • Wednesday funds sold 10,000 corn, 5,000 soybeans, 4,000 meal. Bought 9,000 oil, 2,000 wheat.  

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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