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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +2, Soybeans +2 ¼, Wheat +5 ¾, Crude -.16, Gold +8.50, Dollar -.09 Dow futures -186.
  • President Trump is expected to announce up to $60B in tariffs on Chinese goods today.
  • China’s ethanol output is expected to grow by 500K MT in 2018, according to a Chinese state source.
  • South Korea’s NOFI is in for more corn and soymeal.
  • Japan bought 127K MT of U.S. and Canadian wheat in their weekly tender.
  • Commodity analysts at Rabobank estimate U.S. soybeans acres at 91.0 million and corn acres at 89.5 million, in line with the majority of other projections.
  • Wednesday funds bought 2,000 corn, 3,000 soybeans, 2,000 meal, 6,000 oil. Sold 1,000 wheat.
  • The USDA announced that due to the temporary closure of the government today, the weekly export sales report will be released tomorrow.

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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