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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn –1 ¼,  Soybeans -2 ½, Wheat –5 ½, Crude +.07, Gold +4.00, Dollar +.10, Dow futures -71.
  • The Dollar is trading higher while the Brazilian Real is off, which is unfavorable for U.S. export pricing.
  • Word that Chinese trader COFCO plans to double the amount of soybeans they source from Mato Grosso, Brazil, over the next 5 years.
  • Turkey bought 108K MT of corn that will be sourced from either the Mediterranean or Black Sea region.
  • Russia has reported their grain harvest is 97% complete.
  • Friday funds bought 5,000 corn, 4,000 soybeans, 4,000 wheat, 2,000 meal. Sold 3,000 oil.
  • Commitment of Traders Report is delayed from Friday until this afternoon due to Veterans Day on Friday.

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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