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Morning Outlook


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Overnight Highlights

  • In overnight markets: corn -1 ¼, soybeans -1, wheat -5 ½, crude +.32, gold +6.30, Dollar index +.09, Dow futures -12.  
  • EIA Ethanol report was a bit disappointing, showing weekly production at 990K barrels/day off 12,000 barrels. Ethanol stocks were reported 22.2 million barrels off 262K barrels from last week.
  • USDA Export sales weekly report this morning at 9:30am CDT. Estimates: corn 550K-750K MT, new crop 100K-300K MT; soybeans 200K-400K MT, new crop 150K-350K MT; wheat 300K-500K MT.
  • Soybeans are receiving pressure from news from South America that the Chinese are taking more cargos from there than anticipated, an estimated 9-10 cargos instead of the assumed 1-2 cargos.
  • The Brazilian Real has continued to weaken, negatively affecting U.S. exports. The Brazilian government is attempting to intervene to keep it from devaluing too far.
  • Cattle on Feed report tomorrow at 2pm CDT.
  • Wednesday funds sold 9,000 soybeans, 6,000 corn, 6,000 wheat, 4,000 meal, 3,000 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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