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Morning Outlook

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Overnight Highlights

  • In overnight markets corn + ½, soybeans – ¼, wheat 2 ½, crude +.16, gold -6.00, dollar -.18, Dow futures -2.     
  • Brazil is experiencing some logistics delays as the poor condition of BR-163 which leads to the northern ports from Mato Grosso has delayed 600K MT of soybean shipments.  Some traders are considering other sources.
  • Renewable Fuel Standards have been getting major press this week with rumors of a new direction – 15 companies and trade organizations have united to urge President Trump not to make changes.  Some of these companies included Valero, CVR Energy, American Petroleum Institute, and Association of American Railroads.
  • USDA weekly exports: soybeans at 427,700 MT vs estimates of 350-700K MT, corn at 692,400 MT vs estimates of 850K-1.3 MMT.
  • Informa reported Brazil production estimates: soybeans 108 MMT vs. 106.5 MMT prior and corn 91 MMT vs. 89 MMT prior.
  • Thursday funds sold 3,000 wheat, 6,000 corn, 7,000 soybeans, 3,000 meal and 3,000 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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