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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn +2 ¼, soybeans +8, wheat +4, crude +.63, gold +.40, Dollar -.53, Dow futures +31.     
  • President Temer of Brazil has proclaimed his innocence and will not be resigning anytime soon. The bribery scandal caused the Real to plummet, encouraging Brazilian farmer selling and causing a volatile day in the CBOT grain trade yesterday.
  • South Korea is tendering for 65K MT of soy meal for October delivery.
  • Japan put in a tender for 115,491 MT of food quality wheat from the U.S. and Canada.
  • Export sales yesterday were right in line with expectations with soybeans at 355,300 MT vs. estimates of 200-600K MT, and corn at 705,300 vs. expectations of 550K-1M MT.
  • Thursday funds sold 8,000 corn, 21,000 soybeans, 8,000 meal, 2,000 wheat, 8,000 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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