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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ½, Soybeans – ½, Wheat + ½, Crude -.07, Gold -1.30, Dollar +.38, Dow futures +123.
  • Despite heavy rains, Brazilian producers are not expected to plant less acres of 2nd crop winter corn – ideal planting would be completed by Feb 25th. Domestic prices there have firmed, bringing corn and soybeans prices more into alignment.
  • Korea bought 137K MT of corn overnight.
  • NOPA crush numbers yesterday showed a record production for December. Soyoil stocks were also up significantly over projections.
  •  Tuesday funds bought 7,000 corn, 5,000 soybeans, 4,000 meal. Sold 6,000 wheat, 5,000 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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