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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -2,  Soybeans -5 ¼, Wheat – ½, Crude -.33, Gold +.10, Dollar +.18, Dow futures +40.
  • USDA final crop progress of the 2017 season: corn 95% harvested compared to the five-year average of 98%. Winter wheat 50% good/excellent compared to 58% last year.
  • Reuters confirmed China bought 10-12 cargoes of mostly U.S. corn for Feb/Mar/Apr, with possibly more to come due to high domestic prices.
  • U.S. weekly export shipments are running behind last year: corn 7.2 MMT compared to 12.6 MMT last year; soybeans 20.9 MMT compared to 24.1 MMT; wheat 12.3 MMT compared to 13.1 MMT a year ago.
  • Russia’s Ag Minister is touting expanding export capabilities, as the plan is to increase capacity by 30 MMT to 70 MMT over the next five years.
  • Commitment of Traders with options showed managed funds as of  Tuesday the 21st: corn short 210,466 off 20,090; soybeans long 20,144 off 2,406; wheat short 108,666 up 89.
  • Monday funds sold 13,000 corn, 5,000 wheat, 6,000 oil. Bought 4,000 soybeans, 5,000 meal.

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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