* President’s Day had grains and livestock closed in the US.
* World stocks rose as China’s central bank fixed the yuan at a much stronger rate and crude oil was able to hold on to recent gains.
* Egypt’s grain buyer – GASC – cancelled a tender to buy an unspecified amount of wheat because the prices were “not suitable.” The world’s largest wheat importer is still struggling to secure grain after weeks of confusion over quality control.
* NOPA crush for Jan will be released tomorrow at 11 am. The avg trade guess is looking for avg crush at 155.267 mln bu. Oil stocks are seen at 1.540 bln lbs, up from 1.481 bln lbs in Dec.
* China’s soy imports fell 17.7 percent in January from the previous year. Some imports for Jan arrival had cleared in time for the December – second highest on record – while the delays in Brazilian shipments was also a contributing factor.
* South American weather looks for now to be cooperative both for harvest progress and in areas in crop development.
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.