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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -1, soybeans +3, wheat -2 ¼, crude oil +.28, dollar +..29, gold +3.90 and the Dow +30.
  • Grain markets mixed this morning with soybeans positive on South American weather concerns and corn and wheat weaker based on hedging and profit taking.
  • Industry sources within the U.S. are hearing that China will raise its tariff on Ethanol and DDGs.
  • Friday is First Notice Day for January soybeans.
  • USDA weekly soybean shipments were at the high end of estimates at 1.710 mmt vs 1.4-1.8 mmt, as well as corn at 970,506 mt compared to the estimated 775-975K mt.  They are both well ahead of last year-to-date.
  • Tuesday Funds bought 14,000 soybeans, 10,000 corn, 7,000 wheat, 5,000 soybean meal, 2,000 soybean oil.

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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