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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn even,  Soybeans +3 ¾, Wheat – ¾, Crude +.06, Gold +2.80, Dollar -.24, Dow futures -77.
  • The Dollar is weaker this morning while the Brazilian Real is up to its highest level in two weeks.
  • In Bejing, President Trump signed two letters of intent in which the PRC plans to purchase 12 MMT of U.S. soybeans in 2017/18.
  • Russia’s SovEcon upped their 2017 overall grain estimate from 132.9 MMT to 134.1 MMT, with wheat seeing an increase.
  • Russia continues to work on solving their export logistics bottleneck, as they announced they plan to increase export capacity by 50% within three years.
  • Average estimates for report today include: corn 172.4 bpa with production of 14.333 bbu and ending stocks of 2.366 bbu; soybeans 49.3 bpa with production of 4.408 bbu and ending stocks of 420 mbu.
  • USDA Weekly Export Sales Report this morning.

USDA Supply & Demand, Crop Production Report at 11am CST.

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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