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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ½, Soybeans -1, Wheat -2 ¼, Crude -.49, Gold -6.50, Dollar +.15 Dow futures +41.
  • AgroConsult upped their Brazilian soybean crop estimate by 1.4 MMT to 118.9 MMT. Last year’s yield was 114.6 MMT.
  • In addition to dwindling crops, Argentina is now dealing with soybean crush factory workers beginning a strike tomorrow over salaries.
  • U.S. ethanol exports to China are expected to increase in 2018 to 400K MT compared to 74K MT last year. This equates to about 45 mbu of corn.
  • South Korea and Taiwan were both in for more corn in the overnight, to the tune of about 270K MT in total.
  • Tuesday funds sold 1,000 corn, 4,000 soybeans, 3,000 wheat, 2,000 meal. Bought 2,000 oil.
  • EIA Energy Stocks report this morning.
  • USDA Grain Stocks and Prospective Plantings Report this Thursday.

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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