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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1,  Soybeans -2 ½, Wheat -3 ½, Crude +.49, Gold -2.60, Dollar +.13, Dow futures +89.
  • EPA announced U.S. 2018 and 2019 biofuel mandates – EPA will maintain the U.S. conventional biofuel mandate at 15 billion gallons (same as current year) and keep the biodiesel mandate at 2.1 billion gallons.
  • U.S. tariffs on Argentine biodiesel imports are having an impact, as their exports are off 30% from last year.
  • Soybean crush in China is reported to be around 2 MMT for last week, which is above last year’s levels. Crush margins are below the highs attained in October.
  • Wednesday funds bought 10,000 corn, 4,000 wheat, 4,000 meal. Sold 1,000 soybeans, 1,000 oil.
  • USDA Weekly Export Sales this morning.

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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