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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ¼, Soybeans +1 ¾, Wheat -2 ¾, Crude -.68, Gold -4.60, Dollar +.07, Dow futures +23.
  • CONAB Brazilian Production Estimates – corn 88.0 MMT vs. 92.34 last month and 97.8 MMT last year; soybeans 111.6 MMT vs. 110.4 MMT last month and 114.1 last year.
  • China’s Ag Minister upped their corn import projection by 300,000 MT to 1.5 MMT after the recent announcement of a probe into anti-dumping of U.S. sorghum imports.
  • WASDE Trade estimates for the Report – U.S. Ending Stocks: corn 2.468 bbu vs. 2.477 last month; soybeans .486 bbu vs. .470 last month; wheat .990 bbu vs. .989 last month.
  • WASDE Trade estimates for the Report – World Ending Stocks: corn 204.7 MMT vs. 206.6 last month; soybeans 98.6 MMT vs. 98.6 MMT last month; wheat 267.8 MMT vs. 268.0 MMT last month.
  • Wednesday funds bought 17,000 corn, 10,000 wheat, 5,000 meal. Sold 5,000 soybeans, 8,000 oil.
  • USDA Report today at 11am, Crop Production & Supply/Demand.

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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