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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ¼,  Soybeans – ¾, Wheat –1 ¼, Crude even, Gold -1.70, Dollar +.03, Dow futures -51.
  • The corn market made a clear break beyond the 3.42-3.45 key technical support area (Dec), leaving last year’s low of 3.15 as the next support level. With the newly announced record yield, will the bears take the market for a return visit?
  • The Dollar is trading higher this morning while the Brazilian Real is off.
  • U.S. Commerce Dept. finalized anti-dumping duties on Argentine biodiesel at 72% and Indonesian palm oil at 34-64%. This compares to estimations of 50-64% for Argentine biodiesel and 41-68% for palm oil.
  • Ironically, Russia expressed an interest in Argentina providing more food products to them just hours after the U.S. announcement.
  • Thursday funds sold 26,000 corn, 12,000 soybeans, 5,000 meal, 3,000 oil. Bought 4,000 wheat.

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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