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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn –1 ½,  Soybeans -1 ¼, Wheat – ¼, Crude +.05, Gold +2.60, Dollar +.07, Dow futures +95.
  • USDA Crop Progress showed corn 90% harvested compared to 95% five-year average; soybeans 96% harvested compared to 97% five-year average.
  • USDA Winter Wheat conditions: 52% good/excellent compared to 54% last week and 58% last year.
  • Following President Trump and President Xi’s meeting earlier this month, China’s Finance Ministry announced the removal of the value added tax on DDG imports, effective December 20th.
  • Monday funds bought 12,000 corn, 3,000 soybeans, 2,000 meal. Sold 5,000 wheat, 6,000 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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