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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1 ¾,  Soybeans +5 ½, Wheat +3 ¾, Crude +.43, Gold +5.20, Dollar -.05, Dow futures -12.
  • In spite of a bearish leaning USDA report, markets are up this morning as traders strategize their positions.
  • Soybeans seem to be in the driver’s seat as U.S. export demand is at record levels and soyoil stocks are declining.
  • It is reported that China plans to infuse E10, at a blend rate of 10%, into their fuel by 2020. The two motivating factors are a desire to clean up mountainous stockpiles of corn and reduce urban smog.
  • While still early, attention will begin to turn to South American weather as they get into their planting season. Argentina is currently under too much precipitation in the province of Buenos Aires, while Brazil is experiencing dryness.
  • Tuesday funds sold 16,000 corn, 12,000 soybeans, 5,000 meal. Bought 4,000 wheat and 2,000 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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