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Morning Outlook

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Overnight Highlights

* Grains closed today for MLK holiday. Crude -.06, dollar +.09, gold even and the Dow +10.

* “Implementation Day” to lift sanctions with Iran is upon us after the UN inspection OK over the weekend. Concern over fresh global supplies had crude open lower overnight but has recovered losses and is trading almost unchanged.

* CFTC data Friday showed spec money in the corn market into record large short positions as of last Tuesday. Strength late last week likely tied to short covering of positions.

* The short spec positions, coupled with the export outlook looking more optimistic for the US’ ability to compete with South American offers had corn finish with the best performance of four weeks.

* South American weather continues favorable. The wet parts of Brazil have gotten some dry weather and the dry parts have gotten rain. Dry areas in Argentina on the market radar.

* Ethanol profitability running -.10/gal.

* Grains will re-open tonight at 7:00pm CT for normal trade.

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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