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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1 ½, Soybeans +4 ¾, Wheat +1 ¾, Crude -.58, Gold +6.80, Dollar -.06, Dow futures +76.
  • U.S. ethanol imports to Brazil may be increasing in the future as they are considering lifting a 20% tariff. U.S. ethanol is attractive to Brazil as it computes to $2.29/gal vs. a similar Brazilian ethanol product at $2.53/gal, as they are currently between cane crops.
  • The U.S. Dollar continues to push lower. A close below 90.00 would be considered bearish.
  • The US/EU weather models are in agreement on below normal precipitation for Argentina in the near-term, while the forecasts for N Brazil differ.
  • Thursday funds sold 7,000 corn, 3,000 oil. Bought 4,000 soybeans, 3,000 wheat, 5,000 meal.
  • USDA Weekly Export sales report this morning at 7:30am.

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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