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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ¼,  Soybeans – ¾, Wheat +3 ½, Crude -.04, gold -2, Dollar -.13, Dow futures -32.
  • Overnight markets are mixed following a volatile week as “worn out” traders continue to focus on weather prospects. Look for Sunday’s forecast to be key for direction next week.
  • The Spring Wheat Tour concluded yesterday with a 38.1 bpa compared to 45.7 bpa last year and the five year average of 46.8 bpa.
  • Ethanol may get a large boost in Brazil (up to 20%) as their government has ruled to decrease the domestic tax on ethanol while leaving in place the recently raised taxes on gasoline and diesel.
  • China continues to pare down its reserves as 1.5 MMT of corn was sold at auction today.
  • Commitment of Traders report this afternoon at 3pm CDT.
  • Thursday funds bought 5,000 corn, 6,000 soybeans, 2,000 wheat, 3,000 meal. Oil even.

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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