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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ¾, Soybeans +2 ¾, Wheat +2, Crude +.64, Gold +1.80, Dollar -.05, Dow futures +95.
  • The U.S. Dollar continues to dip to new lows – helping the commodity export sector.
  • EIA Ethanol report yesterday showed production at a record level for this time of year and stocks at an all-time record high.
  • Cold Storage reporting pegged beef stocks up 1% from November, but down 14% from last year; pork stocks down 2% from November, but up 3% from last year.
  • The U.S. attache in Argentina projects their corn crop to be 40 MMT vs. the official USDA estimate of 42 MMT.
  • Wednesday funds bought 21,000 corn, 7,000 soybeans, 13,000 wheat, 4,000 meal, 2,000 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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