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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn -5 ½, soybeans -18, wheat -3 ¾, crude -.63, gold +2.10, Dollar +.06, Dow futures -69.     
  • Soybeans experienced a steep decline overnight – contributing factors include a weakening Brazilian Real which may encourage their farmers to start selling and concerns re: potential Trump scandal may affect commodities.
  • Weekly export sales estimates: corn 500-750K MT, new crop 50-250K MT; soybeans 200-400K MT, new crop 0-200K MT; wheat 0-200K MT, new crop 200-400K MT.
  • EIA reported weekly ethanol production up 21K barrels/day from last week and ethanol stocks up 359K barrels.
  • Wednesday funds bought 7,000 corn, 3,000 wheat, 1,000 oil. Sold 1,000 soybeans, 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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