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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1 ¼, Soybeans -6, Wheat -3 ¼, Crude +.03, Gold +3.60, Dollar -.11, Dow futures +53.
  • Progress has been made on NAFTA talks this week as Canada’s Foreign Minister expressed hope that a final deal is within reach.
  • China is sending a trade delegation to Washington D.C. next week to continue talks, which is an encouraging sign.
  • AgroConsult estimated Brazil’s safrinha corn to be 12% less than last year at 60.2 MMT.
  • Buenos Aires Grain Exchange update: corn is 33% harvested with expected production of 32 MMT, compared to 41 MMT last year; soybeans 67% harvested with expected production of 38 MMT, compared to 58 MMT last year.
  • Sorghum from the U.S. to China has had its challenges, with 20 cargoes being diverted away from the PRC in recent days.
  • Thursday funds sold 11,000 corn, 5,000 wheat, 3,000 meal. Bought 6,000 soybeans, 2,000 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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