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Morning Outlook

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Overnight Highlights

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  • Overnight markets have corn -1 ¼, soybeans -6 ½, wheat +1 ½, crude oil -.04, dollar even, gold +4.0 and the Dow +21.
  • Mixed markets overnight. Soy and corn lower off expectations for more rains this week for Argentina while wheat is supported on winterkill fears from the cold plains and Midwest temperatures.
  • Safras Mercado estimates 16/17 Brazil soy at a large 106.1 mln mt vs last year’s production of 96.5 mln. Plantings are estimated to be up 1.2%.
  • China’s ag ministry says China will work to continue to cut corn plantings next year to reduce the rising corn inventories. While some have speculated China will attempt to export corn, the large amount of low quality inventory has proven problematic even for domestic consumption.
  • US corn continues to be competitive on the world market through March. Weekly export inspections will be out this morning.
  • COT report showed managed money is holding their net short corn and net long soybeans and did trim almost 23k net off their net short position, leaving them net -92,929 contracts.
  • Friday funds bought 4,000 soybeans, 1,000 wheat and sold 2,000 corn.
  • Christmas schedule for grains at CME; 12:05 CT close Friday, Closed Monday, Market opens Monday night at 7:00 CT.

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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