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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1 ¼,  Soybeans -4 ¾, Wheat + ¾, Crude +.72, Gold +3.60, Dollar +.02, Dow futures +12.
  • Crop progress estimates for this afternoon have corn harvest at 27-32% complete compared to 49% average year-to-date, soybean harvest is estimated at 46-51% complete compared to 63% average year-to-date.
  • Russia’s Ag Ministry upped their wheat crop estimate to 83 MMT from 81.4 MMT.
  • NOPA Crush Report out this morning.
  • Commitment of Traders report with options showed managed money: corn short 162,937 up 19,736; soybeans long 30,992 up 3,234; wheat short 67,729 off 11,254.
  • Friday funds bought 10,000 soybeans, 9,000 corn, 5,000 wheat, 4,000 meal, 5,000 oil.

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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