Home Market Market Watch Morning Outlook

Morning Outlook

SHARE

cid:<a href=image009.jpg@01CE6CE4.660D8B30“>

Overnight Highlights

  • Overnight markets have corn -1, soybeans -4, wheat -2 ½, crude oil -.53, dollar -.32, gold -7 and the Dow +61.
  • Grain markets traded lower overnight as traders are watching corn’s direction after a key reversal yesterday.
  • There is chatter that the Chinese government may buy up to 10 MMT of corn from domestic producers to help subsidize their rural economy – this is equivalent to 5% of annual Chinese consumption.
  • Some experts are predicting a more favorable El Nino pattern for this year, which in general equates to positive U.S. crop growth and development.
  • The EIA Energy Stocks weekly report will be released at 9:30am CST.
  • Tuesday funds sold 13,000 corn, 1,000 soybeans and 4,000 wheat and 2,000 meal. Bought 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.

www.waterstreet.org 
or 1-866-249-2528