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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn + ½, soybeans +7 ¼, wheat flat, crude oil -.01, dollar +.24, gold -3.70 and the Dow +2.
  • Grain markets traded higher overnight with South American weather being the leading concern.
  • President Trump signed an Executive Order withdrawing from TPP negotiations prompting the American Soybean Association and the National Cattlemen’s Association to express disappointment due to the actions being taken without an alternative plan offered.
  • Brazil’s AgRural estimates that soybean farmers have sold 37% of their crop compared to 34% at this time last year.
  • The USDA reported weekly soybean shipments on the low end of expectations with corn in line – both are significantly higher year-to-date over last year.
  • Monday funds bought 4,000 corn and 3,000 wheat. Sold 5,000 soybeans, 3,000 meal and 500 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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