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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn + ¼, soybeans -5 ¼, wheat + ¾, crude oil +.45, dollar +.08, gold -2.90 and the Dow -12.
  • Grain markets traded mixed this morning with soybeans up against a more positive Brazilian weather forecast and corn and wheat expecting a boost from index buying.
  • EIA reported weekly production up 15K barrels/day from last week while ethanol stocks were off 5K barrels/day. 
  • Ukraine analyst is expressing concern that the winter wheat crop may be at risk due to extremely low temps without adequate snow cover.
  • The USDA January Crop Report will be released next Thursday.
  • Thursday funds bought 7,000 corn, 4,000 wheat.  Sold 1,000 soybeans, 1,000 meal.  Even 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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