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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -2 ¾,  Soybeans – 6, Wheat -5 ¼, Crude +.01, Gold +11.00, Dollar -.43, Dow futures -92.
  • USDA reported corn crop conditions at 62% good/excellent compared to 62% last week, 75% last year and 62% average year-to-date.
  • USDA reported soybean crop conditions at 61% good/excellent compared to 60% last week, 73% last year and 60% average year-to-date.
  • USDA reported spring wheat harvest 76% complete compared to 79% last year and 66% average year-to-date.
  • Egypt is in for wheat for early October shipment – look to see if the U.S. is able to compete as the Dollar is at new lows and U.S. wheat may be the cheapest in the world at this time.
  • Monday funds sold 7,000 corn, 3,000 soybeans, 5,000 wheat, 2,000 meal. Bought 1,000 meal.    

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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