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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1, Soybeans EVEN, Wheat -4 ½, Crude +.19, Gold +4.30, Dollar -.05, Dow futures +146.
  • Weekly Wheat Rating (good/excellent): 31% vs 31% last week and 54% last year, while 37% were rated poor/very poor.
  • Corn Planting Progress: 5% complete vs 3% last week, 14% average and 8% expected.
  • Due to anti-dumping deposits imposed on sorghum imports, three cargos from the U.S. headed for China were diverted to Saudi Arabia.
  • Chinese soybean imports in March: 5.662 MMT total with 3.100 MMT sourced from the U.S. and 2.332 MMT from Brazil.
  • Monday funds bought 8,000 corn. Sold 9,000 soybeans, 5,000 wheat, 2,000 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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