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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -3, soybeans -6, wheat -2-5, crude oil -.14, dollar +.10, gold -3.0 and the Dow +12.
  • Lower grains this morning on this last day before Thanksgiving. Soybeans continue to be the price leader – regardless of higher or lower.
  • The fund and Chinese buying in soybeans, underscored by the jump in contract open interest, will likely be hard to sustain in the short-term – but Thanksgiving week is known for being a dynamic market.
  • Gulf premiums for soybeans continue to be weak. Keeping fundamentalists scratching their heads over the recent soybean futures strength.   
  • Yesterday funds were estimated buyers of 11,000 soybeans, 4,000 corn and 1,000 wheat.
  • CME markets will close at Noon on Friday.

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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