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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -1 ¼, soybeans -5, wheat mixed, crude oil +.48, dollar steady, gold +1.7 and the Dow +34.
  • Lower grain trade overnight from profit taking and slightly bearish Brazil crop report.
  • Trade estimates for today’s USDA stocks report are lower from January for US and World ending stocks.
  • Brazil crop report estimated soybean production at 105.6 mln mt vs 103.8 last month. Corn production was put at 87.4 mln mt vs 84.5 last month.
  • China’s ministry of agriculture expects their country’s corn imports to fall to the lowest level in 10 years.

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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