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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn +2, soybeans +6, wheat +2 ¾, crude oil -.26, dollar -.40, gold +6 and the Dow -5.
  • Grain markets firm this morning with quiet news headlines.  The main focus will be on South American weather, specifically northern Brazil which is getting hot and dry.  Support is being given by a weaker Dollar.
  • China announced plans to exhaust its oversupply of domestic corn over the next three years by increasing production of biodegradable plastics and animal feed that are made from corn.
  • Egypt is tendering for a wheat shipment for Feb 1-10.
  • Friday is First Notice Day for January soybeans.
  • Wednesday Funds sold 8,000 corn, 5,000 soybeans, 3,000 wheat, 1,000 meal, and 3,000 oil.

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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