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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn + ¼, soybeans -2 ¾, wheat flat, crude oil -.75, dollar +.35, gold -.90 and the Dow +10.
  • Grain markets traded lower with hints of drier weather for Argentina and profit taking after yesterday’s breakout rally.
  • The head of Mexico’s Corn growers association predicts U.S. corn imports will increase by 2-3 MMT in 2016/17.
  • USDA inspections showed soybeans at the top end of expectations, corn in line and wheat below estimates.
  • NOPA crush indicated December lower than expected with soybean oil stocks larger than anticipated.
  • Funds bought 19,000 corn, 17,000 soybeans, 5,000 wheat, 9,000 meal. Sold 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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