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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn +1 ¼, soybeans – ¾, wheat +3 ¾, crude oil -.93, dollar +1.41, gold +5 and the Dow -26.
  • Grain markets traded firm overnight with wheat finding support from bitterly cold U.S. temperatures.
  • South American weather issues are forecast to improve.
  • Big index funds expected to buy large quantities of corn and wheat to re-balance their short positions, with expectations of 60-100K corn contracts and 30-50K wheat contracts.
  • The USDA January Crop Report will be released this Thursday.
  • Friday funds sold 8,000 corn, 2,000 wheat, 10,000 soybeans, 5,000 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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