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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -1/2, soybeans -1, wheat -2, crude oil -.30, dollar +.70, gold -1.6 and the Dow +62.
  • Weaker grain trade this morning on a rise in the dollar and good weather outlook for Brazil and Argentina.
  • Brazil’s shipping schedule in Feb shows 4.7 mln mt of soybeans. Double last year’s amount in the same month.
  • Bird Flu concerns in Asia are growing – leading more cities in China to suspend the sale of live poultry.
  • Malaysian palm oil futures continue to rally on the expectation of low production through March.  
  • Both CONAB and the USDA will release stocks estimates Thursday. For now, neither funds nor farmers have been willing to sell breaks as seasonal support trends are ahead and big demand continues to mop up record supplies.
  • Yesterday funds sold 5,000 corn, 4,000 wheat and bought 6,000 soybeans.

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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