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Morning Outlook

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Overnight Highlights

·         Grains firmed overnight after massive sell-off yesterday, likely driven by quick profit taking and end-user purchasing after a two day drop of .30 in beans and .14 in corn.

·         A cabinet member of Argentina’s Mauricio Macri said at a press conference that the government is considering postponing a planned tax cut to soybean exports next year. This action would be welcome to the world export market, as Argentine farmers continue to hold beans in the hopes that a tax cut could drastically increase their sales revenues.

·         The US took the first steps yesterday toward filing a complaint with the World Trade Organization that China is exceeding agreed on support prices that it committed to when joining the WTO. This action could worsen trade relations with China, and will only worsen the possibilities that we see enhanced corn exports to China over the coming year.

·         China sold 561k mt at auction yesterday out of its reserve offering of 1.01 mmt.

·         Brazil on Tuesday announced a plan to privatize large sectors of their economy in an attempt to stimulate economic growth. The sectors to be auctioned off include grain terminals as well as the growing railway sector as soon as the second quarter of 2017.

·         Financial media outlets reported that Monsanto and Bayer have finally signed a definitive merger agreement with the final offering just over $66 billion.

Commodity Weather Group Forecast

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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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