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Morning Outlook

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Overnight Highlights

  • Overnight grain markets have corn + ¾, soybeans + 11 ¼, and wheat + 2 ½.     
  • Other overnight markets: crude oil +.54, dollar -.33, gold -9.70  and the Dow +92.
  • Informa will be releasing new global production estimates today.
  • The Chinese government indicated that they plan to double ethanol production by 2020, using moldy corn or wheat.
  • China shifted attention to Brazil last week, aggressively scheduling Feb and Mar soybean cargos.  Brazil is reporting soybean planting is 90% complete vs. 88% last year, and estimated 2017 production at 100.4 mmt vs 96.5 this past year.
  • Friday funds bought 6,000 corn, 4,000 wheat and sold 3,000 soybeans, 2,000 oil and were even on meal.

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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