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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ½, Soybeans -7 ½, Wheat -2, Crude -.17, Gold -2.50, Dollar +.18, Dow futures +52.
  • Korea KFA bought 120MT of corn in a tender overnight.
  • Based on growing demand, China’s Ag Minister upped their corn need by 1.5 MMT which expands their deficit to 6.7 MMT vs 5.22 MMT last forecast.
  • China’s soybean imports were 5.42 MMT in February vs. 8.48 MMT in January. More of the same is expected for March as loadings have been sluggish out of Brazil and the US with some weather disruptions.
  • President Trump will announce steel and aluminum tariffs at noon today. China and other nations have promised trade retaliation but no specifics.
  • USDA Weekly Export Sales this morning.
  • USDA Supply/Demand and Crop Production Report at 11am CST.

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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