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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn +1 ½, soybeans +8 ¼, wheat +1 ½, crude -.03, gold +11.00, Dollar -.50, Dow futures -46.     
  • The markets are up again overnight on short covering from oversold conditions.  Next week will be influenced to a greater extent by weather across the corn growing area of the U.S.
  • Helping the soybean cause, China reported their year-to-date soybean imports are up 20% from the same period a year ago.
  • Ukraine is expecting to export more grain than last year, 42 MMT vs. 39.4 MMT.
  • EIA Ethanol numbers showed weekly production off 33,000 barrels from last week at 986,000 barrels per day, while ethanol stocks were off 802,000 barrels from last week at 22.9 million barrels.
  • Wednesday funds bought 12,000 corn, 7,000 soybeans, 4,000 meal, 4,000 oil, 1,000 wheat.     

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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