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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ½, Soybeans +4 ¾, Wheat -2 ½, Crude +.12, Gold +2.40, Dollar -.18, Dow futures -36.
  • Argentina’s Rosario Exchange estimates soybean crop at 40 MMT, down from 46.5 MMT last month; corn crop at 32 MMT vs 35 MMT last month.
  • February NOPA Crush exceeded expectations at 153.7 mbu compared to expectations of 149.4 mbu.
  • French Agrimer sees their soft winter wheat as 80% good/excellent, compared to 81% last week.
  • Brazil is looking to further partner with the Panama Canal Authority to reduce transportation costs so that they can push more grain volumes through from their northern ports.
  • Thursday funds sold 8,000 corn, 7,000 wheat, 1,000 meal. Bought 9,000 soybeans, 4,000 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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