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Morning Outlook


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Overnight Highlights

  • Overnight grain markets: Corn –1 ½, Soybeans – ¼, Wheat –1 ½, Crude +.18, Gold +1.50, Dollar -.31, Dow futures +72.
  • Yesterday’s big drop in soybeans was related to liquidation of futures in advance of First Notice Day.
  • CBOT spot prices are not very different from last year with corn down 1%, soybeans down 4% and Chicago wheat up 3%.
  • Managed funds’ record short position in combined grains is in stark contrast to last year, and may turn out to be a risky bet with the U.S. and world economy performing very well.
  • Thursday funds sold 4,000 corn, 8,000 soybeans, 1,000 wheat, 2,000 meal, 4,000 oil.
  • USDA Weekly Export Sales Report this morning.

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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