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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -3, soybeans -9, wheat -5, crude oil -.62, dollar +.72, gold -2.0 and the Dow +47.
  • Markets off overnight on lower Asian meal and veg oil values. Chinese changes in margin requirements adding market pressure. 
  • US dollar broke the 100 pt mark on overnight strength.
  • AgRural pegged Brazil soy planting progress at 63% complete vs a year ago at 60%.
  • Saudi oil minister stated it is imperative OPEC reaches an agreement to cut production – however data out of Iran showed they have started up three new oil fields.
  • NOPA crush report will be out tomorrow. Last month’s crush was 129.405 mln bu.  
  • Northern Plains are slated for a storm starting this Thursday.

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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