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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1 ½, Soybeans +2, Wheat -4 ¾, Crude -.81, Gold -.90, Dollar -.28, Dow futures +136.
  • President Trump indicated a willingness to consider rejoining the TPP trade alliance, if “substantially improved”.
  • The NOPA Crush Report will be released later this morning with average estimates predicting a record 168.247 mbu.
  • Planting will likely be affected by this past weekend’s weather, as the Northern Plains received heavy snow (up to 18”) and the South received heavy rains (up to 6” in a narrow band).
  • Commitment of Traders Report with Options showed managed funds (as of Tuesday, April 10th): corn long 175,000 up 35,000; soybeans long 176,000 off 5,000; wheat short 55,000 off 19,000; soymeal long 109,000 up 11,000; soyoil short 33,000 up 10,000.
  • USDA Weekly Export Inspections this morning.
  • Crop Progress Report at 3pm 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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