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Morning Outlook

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Overnight Highlights

  • In overnight markets corn +1, soybeans +2 ½, wheat +1 ¼, crude -.35, gold -.40, dollar +.30, Dow futures -9.     
  • South Korea put in an order for corn of 55K MT, thought to be US origin.
  • India is considering bringing back its import duty on wheat, to help alleviate the burden of their expected record crop of 96.6 MMT.
  • Egypt is back in action, tendering for 120K MT of wheat.
  • USDA weekly inspections yesterday showed soybeans at 1.076 MMT vs expected 1.20 MMT, with overall year-to-date at 42.7 MMT compared to 37.6 MMT last year.
  • USDA weekly inspections had corn at 1.152 MMT vs expected 1.20 MMT, with overall year-to-date at 24.4 MMT compared to 14.0 MMT last year.
  • Tuesday funds bought 8,000 corn. Sold 8,000 soybeans, 4,000 wheat, 3,000 meal, 5,000 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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