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Morning Outlook

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Overnight Highlights

  • In overnight markets; corn even, soybeans -1 ½, wheat even, crude +.64, gold +12.50, Dollar +.14, Dow futures -4.     
  • Mexico continues to court South American corn, as they indicated they are contemplating importing tariff free corn from Brazil and Argentina at a recent conference in Buenos Aires.
  • China may import up to double of the corn previously estimated this year, from 1 MMT to 2 MMT.
  • China’s National Grains and Oils Center upped their soybean imports estimate for 2016/17 by 1.5 MMT to 86.5 MMT.
  • USDA weekly export sales: soybeans at 482K MT compared to estimates of 350-550K MT and corn at 1.138 MMT compared to estimates of 700K-1 MMT.
  • Next USDA Supply & Demand Report is Tuesday at 11am CDT.
  • Thursday funds sold 5,000 wheat, 8,000 corn, 4,000 soybeans, 3,000 meal and 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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