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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ¼,  Soybeans +1 ¾, Wheat even, Crude -.09, Gold -3.70, Dollar +.05, Dow futures +40.
  • USDA Crop Progress showed corn 54% harvested vs. 53% expected, 73% last year and 72% average year-to-date.
  • USDA Crop Progress showed soybeans 83% harvested vs. 83% expected, 85% last year and 84% average year-to-date.
  • USDA Crop Progress showed winter wheat 84% planted vs. 85% expected, 85% last year and 87% average year-to-date. Winter wheat is 52% good/excellent compared to 59% expected.
  • Brazil received welcome rains overnight blanketing Mato Grosso do Sul, Sao Paula and western Minas Gerais.
  • Monday funds sold 6,000 soybeans, 3,000 wheat, 4,000 oil, 2,000 meal. Corn even.

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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