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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -2 ¼, soybeans -1 ¾, wheat -1 ¾, crude oil +.38, dollar -.76, gold +8 and the Dow -37.
  • Grain markets traded lower overnight as all eyes are focused on the January report, which has typically showed the most limit moves historically.
  • South African farmers have planted 5.9 million acres of corn for 2017, an 18% increase.
  • The EIA weekly report showed ethanol production up 6K million barrels/day over last week and ethanol stocks off -1.33 million barrels from last week.
  • The USDA January Crop Report will be released at 11am.
  • Wednesday funds sold 3,000 corn, 8,000 wheat, 2,000 meal.  Bought 500 soybeans, 4,000 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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