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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -2, soybeans +1, wheat -2, crude oil +.08, dollar -.07, gold +6.0 and the Dow +54.
  • Mixed trade overnight following the strong start to the week. Soybean support from Chinese demand and fund buying. Corn finding some profit taking and hedge pressure.
  • Trade watching the “turkey trade.” Since 1975 soybeans have closed higher the day before Thanksgiving on 30 years, lower on 10 years and unchanged on 1 year. The day after Thanksgiving is 25 years higher, 14 lower and 1 year unchanged.
  • Elevators will be having December basis contracts priced or rolled between today and next Tuesday, depending on the location.
  • Despite the continued impressive weekly soybean inspections, Gulf basis values continue to struggle.
  • China shopping US soybeans still, but past January Brazil is more competitive.
  • Monday Funds bought 13,000 soybeans, 10,000 corn and 2,000 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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