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Morning Outlook

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Overnight Highlights

  • In overnight markets corn – ¼, soybeans -5 ¼, wheat – ¾, crude +.32, gold +.10, Dollar +.22, Dow futures -25.     
  • Dr. Michael Cordonnier, well-known crop scout, joined the chorus of large Brazilian yields by raising his soybean production estimate to 107 MMT, up from 106 MMT.  He also raised his Argentine prediction for both corn and beans by 1 MMT.
  • China auctioned 424,193 MT of reserve wheat.
  • South Korea bought 199K MT and 60K MT of optional origin corn for the summer time frame.
  • NOPA February crush report will be announced tomorrow.
  • Monday funds sold 10,000 corn, 1,000 soybeans, 6,000 wheat, 4,000 oil. Bought 2,000 meal.

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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