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Morning Outlook

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Overnight Highlights

  • Overnight grain markets have corn +1 ½, soybeans -4, and wheat +6.     
  • Outside markets have crude oil +.33, dollar -.32, gold +2.5 and the Dow +17.
  • Mixed markets this morning. Lower Chinese futures hanging on soybeans. Brazil weather looking good while Argentina still bears watching.
  • Wheat higher following India dropping its import duty helping wheat prices and providing corn support.
  • Year-to-date Soybean imports in China stand at 74.2 mln mt, up 2.3% from the same period last year.
  • Brazil weather looking good. Their government released 16/17 estimates at 102.4 mln mt, up 7% from this past season.
  • President elect-Trump pick of Oklahoma’s A.G. Scott Pruitt to head the EPA caused a drop in RIN values on concerns that he may be less friendly to renewable fuels.

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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