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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn +1, soybeans +6, wheat +2, crude oil -.77, dollar -.13, gold -1.0 and the Dow -46.
  • Markets supported overnight with Soybeans leading. Continued Chinese buying and world veg oil price offering support. US dollar may be running out of steam after three weeks of rally.
  • China activity expected to continue in the US and South America. Buyers in China seeing good domestic crush margins and are working to get ahead of future Chinese currency devaluations.
  • Gulf corn bids firmed a bit yesterday.
  • Mato Grosso region is estimated 42.3% completed on planting soybeans – double the previous year and sets the farmers up well for planting corn.
  • Yesterday funds bought 5,000 corn, 2,000 wheat and sold 2,000 soybeans.

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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