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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ¾, Soybeans +2 ¾, Wheat +2 ½, Crude -.04, Gold -1.20, Dollar +.12, Dow futures +51.
  • USDA Winter Wheat Ratings Good/Excellent: KS 12% vs 13% last week, OK 7% vs 6% last week, TX 13% vs 10% last week.
  • Texas is ahead on corn planting at 26% complete compared to 18% average year-to-date.
  • The Australian Weather Bureau has concluded that La Nina has ended – this lessens the probability of a Midwest drought this summer, but will it increase rain chances for the very dry Western Plains?
  • An industry source has stated that Brazil has the ability to add 24 million acres immediately into crop production if world demand was able to support it.
  • South Korea’s NOFI is in for 207K MT of corn and 69K MT of feed wheat in a tender this week.
  •  Monday funds bought 5,000 corn, 5,000 soybeans, 3,000 wheat, 3,000 oil. Sold 2,000 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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