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Morning Outlook


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Overnight Highlights

  • Overnight markets have corn –1 ½,  soybeans -5 ¾, wheat -1 ¼, crude oil +.03, dollar -.40, gold +5.90 and the Dow -33.
  • Money coming into the markets is being offset by good South American weather, Brazil’s soybean harvest moving at a good clip with very good yields, and overbought markets.
  • Traders reported that China sold 25K-50K MT of corn to Japan – this is the first corn sale in 10 years from China to Japan.
  • The EIA weekly ethanol report showed production at 1.04 million barrels per day, off 15,000 from last week.  Ethanol stocks were up 415K barrels from last week at 22.5 million barrels.
  • NOPA January crush was reported by the USDA at 160.6 million bushels vs. estimates of 159.1.  Soybean stocks came in over projections at 1.629 billion lbs. vs 1.510.
  • Wednesday bought 11,000 corn, 11,000 soybeans, 4,000 wheat, 5,000 meal. Sold 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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