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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn + ½, soybeans +2 ½, wheat – ¼, crude oil -.20, dollar -.48, gold +4.80 and the Dow -26.
  • Grain markets traded slightly higher overnight after a break to the downside yesterday.
  • March soybeans and wheat closed below their 50-day moving averages yesterday.
  • USDA reported soybean shipments over expectations last week – for the year are at 38.7 MMT compared to 32.9 MMT last year to-date.  Corn also came in above weekly expectations and stands at 20.8 MMT shipped vs. 11.9 MMT last year.
  • Monday funds sold 10,000 soybeans, 9,000 corn, 4,000 wheat, 4,000 meal and 7,000 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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