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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -3/4, soybeans +9, wheat mixed, crude oil -.40, dollar +.20, gold +5.7 and the Dow -7.
  • Soybeans leading grains in overnight trade.
  • News out of China highlights the government support of livestock producers through subsidies to increase feed consumption. Chinese soy meal prices continues to be strong on demand from livestock producers.
  • Russia reportedly exported 25.3 mln mt of wheat in 2016, up from 21.2 in 2015.
  • South American weather continues to look favorable for crop development.
  • The rally in soybean futures has put the board crush margin at its lowest level since January 17th.
  • EIA ethanol report will be out this morning and is expected to show another record large grind pace.
  • March corn continues to encounter chart resistance at 3.70, but higher Chinese corn prices, export pace and ethanol grind have prevented sustained price breaks.
  • Yesterday funds were estimated buyers of 9,000 corn, 7,000 soybeans and 6,000 wheat.

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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