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Morning Outlook


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Overnight Highlights

  • Overnight grain markets: Corn +1 ¼,  Soybeans – ¾, Wheat +2 ½, Crude +.40, Gold +1.80, Dollar +.08, Dow futures +16.
  • Expectations for Crop Progress this afternoon are for corn to be 65% harvested and soybeans 90%.
  • South American weather is trending favorable for the next 10-14 days. However, La Nina is forming in the Pacific which could be a topic of conversation in a few weeks.
  • Iraq confirmed that they bought 500K MT of U.S. wheat instead of the 450K MT previously reported, in a direct purchase outside of the normal tender reporting process.
  • Commitment of Traders Report with options showed managed funds: corn short 202,763 off 28,368; soybeans long 40,612 off 8,633; wheat short 110,875 off 26,910.
  • The U.S. Dollar is currently trending stronger than other currencies including the Brazilian Real and the Russian Ruble.
  • USDA Weekly Export Inspections at 10am CST.
  • USDA Crop Progress at 3pm CST.

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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