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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn +3, soybeans +6, wheat +2-4, crude oil +.20, dollar -.06, gold +3.0 and the Dow +19.
  • Grains higher overnight. Soybeans supported on higher soy meal and talk of another week of big sales expected this morning.
  • Reuters’ poll of analysts expects Brazil 16/17 soybean production to be a record 102.8 mln mt.
  • EIA ethanol report showed a surprising weekly drop in production and an increase in stocks but weekly production still above 980,000 bbls.
  • Rumors are that China shopped 15 cargoes of US soybeans yesterday.
  • Wednesday funds bought 11,000 soybeans, 10,000 corn and 5,000 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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