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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn EVEN, Soybeans -4 ¾, Wheat -2 ¾, Crude -.13, Gold +.90, Dollar +.17, Dow futures -230.
  • BA Grain Exchange reduced their soybean crop projection to 51 MMT from 54 MMT.
  • Egypt’s GASC was back in for wheat after the close yesterday, likely will be sourcing from the Black Sea Region.
  • USDA Census Crush Results: soybeans 176.4 mbu vs. estimates of 176.3 mbu, up 4.4% compared to last year; soy meal stocks 497,783 MT up 23% compared to last year; corn for ethanol 487.4 mbu up 2.8% compared to last year; DDG Production 1.97 MMT off 6.2% compared to last year.
  • Thursday funds bought 6,000 corn, 1,000 wheat. Sold 8,000 soybeans, 4,000 meal, 4,000 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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