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Morning Outlook

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Overnight Highlights

  • In overnight markets corn +1 ¼, soybeans +4 ¼, wheat +1 ¾, crude -.09, gold -5.90, dollar -.09, Dow futures +6.     
  • Wheat ratings recently reported: Kansas 43% good to excellent vs. 59% last year, Oklahoma 43% vs. 68% last year, Texas 34% vs. 40% last year, and Nebraska 44% vs. 59% last year.
  • China sold 299,653 MT of wheat out of its reserve today.
  • Australia’s Weather Bureau has increased the chance of an El Nino weather event in 2017 to 50%.
  • USDA weekly reported shipments showed soybeans slightly under projections, while corn was significantly over and wheat within expectations.
  • Monday funds sold 12,000 corn, 5,000 soybeans, 7,000 wheat, 2,000 meal.  Bought 1,000 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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