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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ¼,  Soybeans +3 ¼, Wheat +1 ½, Crude -.70, Gold +9.10, Dollar +.04, Dow futures -21.
  • Excessive moisture in Argentina is lowering their wheat production prospects from 17 MMT to 16 MMT.
  • Strategies Grains upped their 2017/18 EU soft wheat production forecast to 142.8 MMT compared to 142.5 MMT last month’s estimate.  
  • Overnight China sold a large chunk of their corn reserves, 738K MT out of 1.121 MMT offered.
  • Wednesday funds sold 6,000 corn, 1,000 soybeans, 2,000 wheat, 1,000 meal. Bought 1,000 oil.
  • Expectations for the report today include a nudge higher on corn and soybeans yields, a positive adjustment of 300-400K acres of beans and a downward shift of 200-400K acres of corn.
  • USDA Crop Production and Supply & Demand Report today at 11am 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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