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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +3 ¼, Soybeans +10 ½, Wheat +3-4, Crude +.29, Gold +10.2, Dollar -.30, Dow futures -120.
  • Firm grain trade following the three day weekend after Thursday’s friendly USDA prospective planting report.
  • Buenos Aires Grain Exchange is warning of further soybean crop reductions if the north doesn’t receive additional rainfall.
  • Chinese tariffs on US ethanol are expected to shut down imports for the short-term.
  • Hog & Pigs report held few surprises. All Hogs at 103%.
  • As of Tuesday, Managed Money was net long 117,000 corn contracts (off 96,000), net long 184,000 soy contracts (off 11,000) and net short 78,000 wheat (up 22,000).

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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