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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1, Soybeans +4 ½, Wheat -3 ½, Crude +1.32, Gold +.60, Dollar -.23, Dow futures +281 .
  • Weekly Wheat Condition Ratings (G/E): Kansas 13% vs 10% last week, Oklahoma 10% vs 9%, Texas 14% vs 15%.
  • Corn Planting Progress: Texas 58% complete vs 55% last week and 51% average; Kansas 2% complete vs 1% complete last week and 7% average; Missouri 1% complete vs 0% last week and 7% average.
  • April WASDE Carryout Estimates: Corn 2.189 bbu vs. 2.350 last year; soybeans .574 bbu vs .345 last year; wheat 1.036 bbu vs 1.184 last year.
  • Monday funds bought 10,000 corn, 10,000 soybeans, 12,000 wheat, 5,000 meal. Sold 2,000 oil.

USDA Crop Production and Supply/Demand Report at 11am CDT.

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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