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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1 ½,  Soybeans +4, Wheat – ¾, Crude +.14, Gold +3.10, Dollar +.09, Dow futures +9.
  • Lanworth U.S. crop estimates: corn 171.3 bpa up from 170.8 bpa two weeks ago, and soybeans 49.3 bpa up from 48.8 bpa two weeks ago.
  • EU Commission reduced its monthly estimate of 2017/18 corn production to 59.1 MMT compared to 59.4 MMT. Soft wheat production was upped to 140.4 MMT compared to 139.4 MMT previously.
  • World Meteorological Organization is predicting a 50% chance of a weak La Nina forming in the 4th quarter.
  • Wednesday funds sold 7,000 corn, 5,000 wheat, 1,000 meal. Bought 3,000 soybeans, 3,000 oil.
  • Informa will release their latest crop estimates this morning.
  • USDA Weekly Export Sales at 7:30am CDT.

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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