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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -2, soybeans -3 ¾, wheat – ½, crude oil +.12, dollar +.22, gold -5.40 and the Dow +33.
  • Grain markets traded lower overnight as weather is improving in South America and traders are concerned about the direction of the new Administration’s trade policies and biofuel requirements.
  • EIA ethanol production was reported at 1.05 million barrels per day, 3,000 lower than last week.  Ethanol stocks showed 21.7 million barrels, 613,000 barrels higher than last week.
  • The USDA Cattle on Feed report will be announced tomorrow with estimates of on feed 99%, placements 108.4%, and marketings 106.7%.
  • Wednesday funds bought 6,000 corn, 2,000 meal.  Sold 3,000 soybeans, 2,000 wheat, 4,000 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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