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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -1/4, soybeans -2, wheat +2, crude oil +1.28, dollar -.20, gold +3.0 and the Dow even.
  • Mixed grain trade overnight as Chinese trade continues to influence the soy complex with their traders exiting long positions.
  • Grain markets finding themselves in over-sold condition. Expect technical support under the markets.
  • In currencies, the US dollar is lower overnight while the Brazilian real is finding some support.
  • USDA reported 93% of the US corn is now harvested. Winter wheat ratings holding up at 59% good/excellent despite dry concerns in several areas. 54% is average for this date.
  • Commitment of Traders report was delayed release until yesterday. Showed that as of the previous Tuesday (pre-report), Managed Money had lowered its net short corn position to -28k, added to long soybeans and continue to hold a large net short in Chicago wheat.
  • NOPA crush is out today. Estimates are 160.4 mln bu.

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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