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Morning Outlook


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Overnight Highlights

  • Overnight grain markets: Corn +1 ¾, Soybeans +1 ½, Wheat -1,  Crude -.38, Gold -1.60, Dollar +.24, Dow futures -34.
  • Major forecast models are in agreement that Argentina will experience limited rainfall over the next 10-14 days.
  • Egypt’s GASC was in after the close for more wheat, and will likely be of Russian/Romanian origin.
  • Algeria also purchased 460K+ MT of milling wheat in the overnight.
  • Ukraine’s grain exports are down 9% this year and their Ag Minister indicated it could be lowered further.
  • Tuesday funds bought 11,000 soybeans, 4,000 meal, 5,000 oil. Sold 7,000 wheat. Corn even.
  • EIA Energy Stocks Report tomorrow due to the Monday Holiday.

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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