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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1 ¼, Soybeans +4 ½, Wheat -2 ¼, Crude -.14, Gold -1.20, Dollar -.23 Dow futures +270.
  • China’s February ethanol imports hit their highest level since May 2016, 189,035 cubic meters.
  • Iraq purchased 100K MT of U.S. and Australian wheat.
  • Cattle on Feed Report results: On Feed 107.9%; Placements 107.2%; Marketings 101.6%.
  • Commitment of Traders Report with options showed managed funds (as of Tuesday the 20th): corn long 213,000 off 20,000; soybeans long 196,000 off 13,000; wheat short 56,000 up 21,000; soymeal long 99,000 off 12,000; soyoil short 25,000 up 4,000
  • Friday funds bought 8,000 corn, 6,000 wheat, 8,000 meal. Sold 6,000 soybeans, 5,000 oil.
  • USDA Weekly Export Inspections at 10am CDT.

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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