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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn +1 ½, soybeans +2 ¼, wheat +1 ½, crude -.87, gold +2.60, Dollar -.03, Dow futures +78.     
  • Argentina’s monthly numbers showed 2016/17 soybean production at 58 MMT compared to the latest USDA estimate of 57 MMT. They projected corn at 46.5 MMT vs. the USDA estimate of 40.0 MMT.
  • Argentina’s Buenos Aires Exchange pegged soybean harvest at 80% complete compared to 72% last year and the average of 83%.
  • SovEcon, a Russian analyst, reduced its estimate for 2017 grain production from 109.5 MMT to 106.5 MMT.
  • Chinese soybean crush margins are at a the lowest level in 9 months, up to $38 per ton according to one reporting province.
  • EIA Ethanol yesterday was mixed with lower production and lower stocks. Of note, inventories of crude, gasoline and distillates were reduced by 6 million on strong consumption.
  • USDA weekly export sales will be reported at 7:30am CDT.

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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