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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1, Soybeans +1, Wheat + ¾, Crude -.17, Gold -8.10, Dollar +.36, Dow futures +18.
  • AgRural is estimating that Brazil has harvested 91% of its soybean crop vs 92% last year and 90% average.
  • Cattle on Feed Report: On Feed 107% vs estimated 107.5%; Placements 91% vs estimated 90.3%; Marketings 96% vs estimated 95.9%.
  • Commitment of Traders Report with options showed managed funds: corn long 138,000 off 37,000; soybeans long 193,000 up 17,000; wheat short 50,000 off 5,000; soymeal long 109,000 and unchanged; soyoil short 41,000 up 8,000.
  • Corn Planting Progress Report this afternoon – analysts are expecting 8% complete vs 3% last week.
  • USDA Weekly Export Inspections Report this morning.

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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