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Morning Outlook

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Overnight Highlights

  • In overnight markets corn + ¾, soybeans +3 ¾, wheat -1 ¾, crude -.29, gold +3.20, dollar +.18, Dow futures -65.     
  • USDA Outlook Forum re-cap: Corn 90 million acres vs 94 million last year; soybeans 88 million acres vs 83.4 last year.
  • Agroconsult upped their Brazilian soybean crop estimate to 107.8 MMT, up from the last projection two weeks ago which pegged it at 105.3 MMT
  • January Chinese soybean imports are up 26% over last year.
  • January Chinese ethanol imports are down 94% from last year due to them removing preferential import tariffs for US and Brazilian ethanol.
  • EIA ethanol weekly report showed production down moderately with stocks up.
  • Thursday funds sold 13,000 corn, 12,000 soybeans, 3,000 wheat, 6,000 meal, 6,000 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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