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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1,  Soybeans – ¾, Wheat -4 ½, Crude -.43, Gold +6.20, Dollar -.29, Dow futures -1.
  • Corn crop conditions estimate for this afternoon is 62-63% good/excellent, compared to 62% last week, 75% last year and 62% average year-to-date..
  • Soybean crop conditions estimate for this afternoon is 60-61% good/excellent compared to 60% last week, 73% last year and 60% average year-to-date.
  • The Commitment of Traders report with options showed Managed Funds: corn short 17,073 off 56,875; soybeans short 23,394 up 8,995; wheat short 66,751 up 32,515.
  • USDA Cattle on Feed results: On Feed 104% vs. estimates of 104.7%, Placements 103% vs. estimates of 106.2%, and Marketings 104% vs. estimated 104.9%.  
  • Friday funds sold 11,000 corn, 3,000 soybeans, 2,000 meal, 2,000 oil. Bought 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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