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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +2 ½, Soybeans +17 ½, Wheat +2 ¼, Crude even, Gold -7.50, Dollar +.18, Dow futures +209.
  • China and the U.S. had a positive conclusion to talks last week with plans to work on a wider agreement that will expand agriculture and exports to China over the next 3-5 years.
  • Commitment of Traders Report with options showed managed funds: corn long 192,000 off 20,000; soybeans long 108,000 off 19,000; wheat short 6,000 off 10,000; soymeal long 122,000 off 9,000; soyoil short 55,000 off 13,000.
  • Friday funds bought 18,000 corn, 4,000 soybeans, 15,000 wheat. Sold 2,000 oil. Even meal.
  • USDA Weekly Export Inspections Report this morning.
  • Crop Progress Report at 3pm CDT.

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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