Home Market Market Watch Morning Outlook

Morning Outlook


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Overnight Highlights

  • Overnight grain markets: Corn +2 ¼, Soybeans +7 ¼, Wheat +7, Crude -.70, Gold -9.60, Dollar +.32, Dow futures +110.
  • This morning is offering firmer Argentine fob premiums and tightening supplies.
  • U.S. Congress is out on spring recess, but the trade delegation to China will begin meetings early this week. Also, NAFTA participants are pushing for an agreement by the end of the week. Trade will monitor closely.
  • Weekly Crop Progress update this afternoon – look for corn to be 15-20% planted.
  • With China shying away from U.S. sorghum exports, ethanol producers have been buying the discounted sorghum in earnest.
  • Commitment of Traders Report with options showed managed funds: corn long 123,000 off 15,000; soybeans long 170,000 off 23,000; wheat short 55,000 off 5,000; soymeal long 105,000 off 4,000; soyoil short 53,000 up 12,000.
  • Friday funds bought 12,000 corn, 15,000 soybeans, 6,000 wheat, 10,000 meal. Sold 6,000 oil.
  • USDA 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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