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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1 ¼, Soybeans +2 ¾, Wheat +3 ¼, Crude +.04, Gold -5.20, Dollar EVEN, Dow futures +199.
  • USDA Weekly Wheat Ratings (G/E): 31% vs 30% last week. Kansas 12% vs 13%, Oklahoma 8% vs 10% and Texas 13% vs 14%. However, wheat rated poor/very poor was up 2% to 37% (mostly HRW).
  • Corn Planting Progress: 3% complete vs 2% last week and 5% average. Texas 60% vs 54% average, Kansas 6% vs 15% average and Missouri 4% vs 18% average.
  • NOPA Crush was a record 171.858 mbu compared to expectations of 168.247 mbu.
  • Monday funds sold 7,000 corn, 8,000 soybeans, 9,000 wheat, 3,000 meal, 4,000 oil.

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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