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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1 ¼,  Soybeans -5 ½, Wheat – ½, Crude +.12, Gold -11.50, Dollar +.19, Dow futures +22.
  • Crop Progress showed corn 28% harvested compared to 30% expected, last year 44%, and the 5-year average of 47%.
  • Crop Progress showed soybeans 49% harvested compared to 48% expected, last year 36%, and the 5-year average of 60%.
  • Crop Progress showed winter wheat 60% planted compared to 48% last week, 70% last year, and the 5-year average of 71%.
  • Expectations are for China to import 95 MMT of soybeans this year and 110 MMT by 2022. The Chinese gov’t is attempting to shift domestic growers to more soybean acres, but corn is still more profitable at this time.
  • Monday funds sold 6,000 corn, 8,000 soybeans, 3,000 wheat, 2,000 oil, 4,000 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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