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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn –1,  Soybeans + ¾, Wheat -1 ¼ , Crude -.10, Gold -2.80, Dollar +.36, Dow futures +43.
  • The BA Grain Exchange reported Argentine corn planting at 33% complete vs. 28% last week and soybean planting is 2% complete. Argentina’s wheat crop is 3% harvested with disappointing yields due to excessive rain during crop reproduction.
  • Mexico is attempting to reduce dependence on U.S. imports, with trade wars looming in the background, as they have been working with Argentina on protocols for the importation of wheat – a trial shipment is scheduled for later this year.
  • French Agrimer estimates their corn harvest is 76% complete compared to 56% last week, while 63% of soft wheat has been planted compared to 47% last week.
  • The European Commission upped its wheat estimate by 1.1M MT to 141.5M MT for 2017/18, a sizable expected increase over the 133.7M MT grown in 2016/17. The do not expect exports to increase, so their ending stocks are expected to be 1.1M MT higher.
  • Thursday funds sold 4,000 corn, 6,000 soybeans, 3,000 wheat, 3,000 meal. Bought 3,000 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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