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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn +4, soybeans +5, wheat +5, crude oil +.50, dollar +.32, gold -3.0 and the Dow +78.
  • Higher markets overnight with funds continuing their short covering in corn and wheat.
  • Argentina’s Rosario Exchange is estimating soybean acres planted there to be down 3% from last year.
  • Weekly export sales will be reported this morning.
  • December corn had its highest close yesterday since July 18th.
  • EIA ethanol report showed a larger than expected drop in weekly production but also a drop in stocks (the lowest since Nov ’15). Look for weekly production to increase in the coming weeks.
  • Yesterday funds bought 13,000 corn, 10,000 soybeans and 11,000 wheat.

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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