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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1,  Soybeans + ¾, Wheat -1, Crude -.13, Gold +9.10, Dollar -.27, Dow futures -18.
  • Reports have surfaced saying that China’s U.S soybean imports are being delayed due to a decline in crop quality as a result of the hurricanes. Typically, Gulf loading times for cargoes are about 5 days, but now are 10-12 days.
  • There is some chatter that Brazilian weather conditions are too dry, in spite of recent rains. Expect this story to gain in importance if it persists.
  • Ukraine announced that they are on track with last year’s record grain exports of 43.9 MMT. Some are expecting this year to total between 44-45 MMT.
  • Tuesday funds sold 8,000 corn, 1,000 soybeans, 1,000 meal. Bought 3,000 wheat, 3,000 oil.
  • EIA Energy Stocks at 9:30am 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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