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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1,  Soybeans +2 ¾, Wheat +1 ¾, Crude +.49, Gold +1.60, Dollar -.02, Dow futures -62.
  • EU Commission upped its monthly estimate of 2017/18 wheat production by 1 MMT to 142.5 MMT, and corn was increased by 3.7 MMT to 62.2 MMT.
  • French soft wheat is reported to be 99% planted, and rated 96% good/excellent.
  • Australia’s wheat production may get a downward revision again, as first they dealt with drought and now flooding. Southeastern Australia has 4 MMT of wheat ready to harvest and forecasters are calling for up to 12” of rain.
  • Thursday funds bought 9,000 corn, 1,000 wheat, 4,000 meal. Sold 6,000 soybeans, 3,000 oil.
  • Crush Report at 2:00pm 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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