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Morning Outlook


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Overnight Highlights

  • Overnight grain markets: Corn EVEN, Soybeans + ¾, Wheat EVEN, Crude -.41, Gold +1.80, Dollar +.05, Dow futures +13.
  • SRW logged the largest weekly export sales since July of 2014 in yesterday’s report. U.S. wheat is especially low cost to Asian ports with Thailand buying 150K MT.
  • Corn and beans continue to lag last year’s export sales levels. Soybean sales are 65% of total USDA estimates vs. the 5-year average of 78%. Corn sales are 52% vs. 56%.
  • Australia’s wheat crop production continues to get downgraded with drought in first part of season and over-abundant rains affecting quality late in the season.
  • Malaysian palm oil continues to pressure the market as it traded to 16-month lows in the overnight.
  • U.S. Congress introduced legislation on Wednesday to reinstate the $1.00/gallon biodiesel credit, and make it retroactive to 2017.
  • Thursday funds bought 5,000 corn, 3,000 wheat. Sold 8,000 soybeans, 3,000 meal, 6,000 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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