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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn even, soybeans -6, wheat mixed, crude oil -.71, dollar -.37, gold +9.1 and the Dow -20.
  • Softer markets overnight from better South American weather conditions and the overbought conditions on the charts.
  • Commitment of Traders report Friday showed Managed Money covered 25k of their corn shorts, taking them to -51k and they added 35k to their long soy position putting it at +131k.
  • In export sales, soybean crop year to date sales equal 88% of the total USDA estimate vs the five year average of 83%. Corn crop year to date sales equal 67% of the total USDA estimate vs the five year average of 61%.
  • Argentine grain exchange reported the country’s wheat harvest is complete and put production at 15 mln mt vs 10.8 last year.
  • Feb live cattle posted a five month high last week on strong cash markets and support from foreign beef demand.

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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