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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ½,  Soybeans +3 ¼, Wheat +4 ½, Crude -.10, Gold +3.30, Dollar -.08, Dow futures +66.
  • FC Stone September yield estimates: corn 166.9 bpa with production of 13.939 bbu, soybeans 49.8 bpa with production of 4.418 bbu.
  • France’s Agrimer sees French corn at 79% good/excellent vs. 80% last week and 60% last year.
  • IKAR upped its Russian wheat estimate to 81-84 MMT compared to 79-82 MMT previous. They raised export estimates to 31-33 MMT from 30-32 MMT.
  • Commitment of Traders report today at 3pm CDT.
  • Thursday funds bought 22,000 corn, 6,000 wheat, 9,000 soybeans, 3,000 oil, 3,000 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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