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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ¼,  Soybeans +4 ¾, Wheat – ½ , Crude +.01, Gold +.10, Dollar -.26, Dow futures -52.
  • USDA crop progress this afternoon is expected to show corn 55-60% harvested and soybeans 83-88% harvested.
  • Brazilian soybeans are reported to be 30% planted, which is 10% behind last year but in line with the five-year average.
  • Argentine corn seeding is 34% complete compared to 39% average year-to-date, soybean planting is just getting started at 1.8% complete compared to 3% average.
  • Commitment of Traders Report with options showed managed funds: corn short 174,394 off 3,710; soybeans long 49,246 off 18,921; wheat short 83,965 off 6,273.
  • Friday funds sold 7,000 corn, 5,000 wheat, 2,000 meal. Bought 7,000 soybeans, 4,000 oil.
  • USDA Weekly Export Inspections at 10am 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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