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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -2 ½, soybeans -6 ¾, wheat -3 ½, crude oil +.34, dollar -.05, gold -.80 and the Dow +2.
  • Grain markets traded lower overnight with pessimism generated by a more favorable South American weather forecast as well as an unfavorable crop report from Brazil that showed both soybean and corn estimated production up for 2016/17.
  • Traders are expressing some concerns that corn and soybean exports are slowing, with China being absent from daily sales reporting recently and their crush margins deteriorating.
  • Barge freight is firming up with STL bidding 205% compared to 180% last week and the IL River 310% vs 260% a week ago.
  • The USDA January Crop Report will be released this Thursday.
  • Monday funds bought 5,000 corn, 4,000 wheat, 6,000 soybeans, 2,000 meal and 3,000 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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