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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -1, soybeans -5 ¼, wheat -1, crude oil -.53, dollar -.24, gold -2.40 and the Dow +24.
  • Grain markets traded lower overnight following post-report fireworks yesterday from soybeans and wheat.
  • USDA reported weekly export soybean sales lower than estimates of 500-800K MT at 348,900 MT, and corn sales at 603,300 MT vs. estimates of 500-800K MT. 
  • Year-to-date soybean sales are at 48.3 MMT compared to 37.9 MMT last year, with corn at 36.3 MMT vs. 20.4 MMT last year.
  • January contracts expire at noon today.
  • Thursday funds sold 6,000 corn.  Bought 12,000 wheat, 12,000 soybeans, 5000 meal, 1,000 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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