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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1 ¼, Soybeans +7 ¼, Wheat +1 ¾, Crude +.33, Gold -3.20, Dollar +.13, Dow futures +61.
  • Egypt’s GASC was in after the close for more wheat – Russia has been their preferred source for the last several tenders.
  • Japan purchased 120K MT of U.S., Canadian and Australian wheat.
  • Very early yields from Argentina are coming in with better results than some expected.
  • EIA Ethanol data yesterday showed production down and stocks up to an all-time record high.
  • Wednesday funds sold 8,000 corn, 13,000 soybeans, 6,000 meal, 4,000 oil. Bought 3,000 wheat.
  • USDA Weekly Export Sales Report today. Estimates: corn 1.3-1.8 MMT, soybeans 900K-1.5 MMT, wheat 250K-650K MT.

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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