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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -1, soybeans -9, wheat -2, crude oil +.23, dollar +.45, gold -11.0 and the Dow +51.
  • Grain markets lower this morning with Soybeans under pressure from Argentine rains. Dollar stronger.
  • January soybeans have broken down through December lows and so far have found trendline support and is holding above the 200 day moving average.
  • AgRural estimates Brazil’s 16/17 winter corn crop at 59.9 mln mt vs last year at 40.7.
  • Talk that China bought a couple more US cargoes of beans yesterday.
  • Year to date Soybean loadings stand at 29.6 mln mt vs 24.8 mln a year ago. Corn shipments stand at 15.3 mln mt year to date vs 8.5 mln a year ago.
  • Monday Funds sold 9,000 soybeans, 6,000 corn and 3,000 wheat.
  • USDA will be releasing this month’s Cattle on Feed report Friday at 11:00 am.

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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