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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ½,  Soybeans – ¼, Wheat + ¼, Crude +.27, Gold -4.10, Dollar +.28, Dow futures +25.
  • U.S. corn harvest is expected to be announced later today at 43-47% complete compared to 60% average year-to-date. Soybean harvest expected to be 60-65% compared to 76% average.
  • Brazil’s AgRural estimates soybean planting to be 20% complete compared to 19% average year-to-date, with Mato Grosso 27% planted compared to 47% last year due to dry conditions.
  • Cattle on Feed report Friday afternoon: On Feed 104% vs. 104.6% estimated, Placements 113% vs. 108% estimated, Marketings 103% vs. 102.6% estimated.
  • Commitment of Traders report with options showed managed funds: corn short 170,684 up 7,747; soybeans long 68,168 up 37,176; wheat short 77,692 up 9,963.
  • Friday funds sold 11,000 corn, 8,000 soybeans, 4,000 wheat, 4,000 meal. Bought 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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