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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -1 ½, soybeans -6, wheat -3, crude oil -.84, dollar -.23, gold -5.0 and the Dow -6.
  • Lower trade overnight led by soybeans under pressure from softer Chinese meal futures and forecasts for Argentine rains.
  • The highest new crop soybean/corn ratio in 10 years have many market participants expecting a significant jump in US soybean acres for 2017.
  • Argentine corn values have now moved below US Gulf in forward months past March.
  • Federal Reserve’s FOMC meeting policy statement will be released this afternoon. Analysts expect a small increase in the Fed Funds target rate.
  • NOPA crush report will be out tomorrow. Expectation is for a slight decrease from the October numbers.
  • Weekly EIA report today is expected to show a 1.5 mln bbl decline in US crude oil inventories.

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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