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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +3 ¼, Soybeans +15 ¼, Wheat +7 ¼,  Crude +.86, Gold +8.10, Dollar -.16, Dow futures +297.
  • South Korea bought 120K MT of U.S. corn overnight.
  • Egypt’s GASC purchased 360K MT of Russian and Romanian wheat, giving them four months of current wheat reserves.
  • Commitment of Traders Report with options showed managed funds: corn short 82,924 off 48,018; soybeans short 9,978 off 11,871; wheat short 83,394 off 13,369; soybean meal long 52,003 off 3,231; soybean oil short 2,688 off 13,900.
  • Friday funds sold 10,000 corn, 8,000 soybeans, 5,000 wheat, 5,000 oil. Bought 7,000 meal.

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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