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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ½,  Soybeans +4, Wheat –1 ½, Crude -.64, Gold +2.80, Dollar -.25, Dow futures -112.
  • China National Grain and Oils information center predicts soybean crushing output may double or triple next year.
  • China’s COFCO grain trader announced that China will import 100 MMT of soybeans from all suppliers in the coming year, which is up 3 MMT from previous and a new record.
  • As part of the Chinese attempt to reduce pollution, the hog herd is down 6.6% from October of last year. This is noteworthy, as China contributes about half of the world’s pork supply.
  • South Korea purchased another 68K MT of optional origin corn overnight.
  • Tuesday funds sold 13,000 corn, 6,000 soybeans, 4,000 oil, 2,000 meal. Bought 4,000 wheat.
  • EIA Energy Stock report at 9:30am CST.
  • NOPA Crush report at 11:00am 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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