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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +2 ¾, Soybeans +12 ¼, Wheat +7 ½, Crude -.38, Gold -10.90, Dollar +.29., Dow futures -52.
  • Important day for NAFTA as the three countries are expected to announce the results of the negotiations last week and plans going forward.
  • Cattle on Feed results from Friday (bearish): December Marketings 99% vs. 99% estimate and 103% last month; December Placements 101% vs. 97% estimate and 114% last month; Jan 1 On Feed 108% vs. 108% estimate and 108% last month.
  • Commitment of Traders Report with Options showed managed funds: corn short 219,676 off 7,200; soybeans short 81,538 off 21,859; wheat short 145,408 up 2,470; soybean meal long 33,221 up 25,147; soybean oil short 21,496 up 15,664.
  • Friday funds bought 3,000 corn, 5,000 wheat, 4,000 oil. Sold 6,000 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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