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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ½, Soybeans +3 ½, Wheat EVEN, Crude +.69, Gold +3.50, Dollar -.20, Dow futures -20.
  • CME margin changes: soybeans raised to $1,550 from $1,400 and wheat raised to $1,250 from $1,150.
  • Late yesterday, three separate Korean buyers purchased 197K MT of corn.
  • Russia’s Ag Minister is raising grain export estimates for 2017/18 to 52-53 MMT from 50 MMT.
  • Ag Secretary Sonny Perdue indicated yesterday that President Trump is stepping back from taking Executive action on the biofuels policy and is putting any changes to be made in Congress’ hands.
  • Tuesday funds sold 9,000 corn, 2,000 oil. Bought 7,000 soybeans, 3,000 wheat, 3,000 meal.
  • EIA Energy Report this morning.

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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