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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ¼, Soybeans -1 ¼, Wheat -3 ¾, Crude +.23, Gold -2.40, Dollar +.38, Dow futures -13.
  • President Trump will speak today to farmers at the Annual U.S. Farm Bureau Meeting in Nashville. He is expected to get an earful on NAFTA and the upcoming Farm Bill.
  • Wheat’s “winterkill rally” has lost the U.S. ground in export price competitiveness, but it is expected moderate Plains weather will help provide correction.
  • Commitment of Traders Report with options showed managed funds: corn short 198,576 off 8,047; soybeans short 85,506 up 16,416; wheat short 128,178 off 17,558.
  • Friday funds bought 5,000 corn, 3,000 soybeans, 2,000 meal. Sold 3,000 wheat and 2,000 oil.
  • USDA Crop Report this Friday at 11am 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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