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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn + ¼, soybeans -2 ¾, wheat flat, crude +.24, gold +9.40, Dollar -.17, Dow futures -15.    
  • Exports from Australia across barley, wheat, and canola are up 60% for the first five months of 2017.
  • Look for traders to balance some of their positions going into the Memorial Day weekend, with uncertainty of weather looming in the background.
  • Brazilian Real has stabilized and their economy continues to improve which should keep it from dipping too sharply. Rumors of possible resignation by President Temer this weekend, but unlikely to materialize.
  • Thursday funds sold 5,000 corn, 6,000 soybeans, 2,000 meal, 2,000 wheat, 3,000 oil.
  • Open interest was up sharply in corn, beans and Chicago wheat – funds and specs likely adding to their large net short positions. Commercials are holding larger than usual net long positions for this time of year.

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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