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Morning Outlook


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Overnight Highlights

  • Overnight markets have corn +3, soybeans +15, wheat +3, crude oil -.31, dollar +.39, gold +7.0 and the Dow +93.
  • Higher overnight trade following yesterday’s post-report sell-off from the higher than expected yield estimation. Equities are higher again as the financial markets seem to be taking a more positive view of the Trump election. 
  • Chinese Dalian corn futures and Euronext corn futures both trading higher.
  • Trade will be watching this morning’s export sales report.
  • Brazil’s CONAB forecast their 16/17 first season corn production at 27.1-28.6 mln mt. Up from their previous estimate of 26.3-27.7 mln.
  • France AgriMer lowered their 16/17 outlook for corn production 400,000 mt from last month and lowered ending stocks by 300,000 mt.
  • Japan’s ag ministry said they bought 128,636 mt of Australian, Canadian and US wheat at their regular tender.
  • In a bit of history, there have only been six instances since 1974 in which the USDA dropped US corn yield in both the September and October reports only to increase it in November. (‘76, ‘84, ‘86, ‘87, ‘12, ‘16)

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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