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Morning Outlook


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Overnight Highlights

  • Overnight grain markets: Corn – ½,  Soybeans -1 ¾, Wheat –1 ½, Crude -.53, Gold -2.40, Dollar even, Dow futures -8.
  • Minneapolis was the strongest of the grains overnight, +4.
  • Saipol from France indicated it plans to reduce biodiesel production due to inexpensive imports from Argentina. Saipol will crush 1.0 MMT less oilseeds than last year.
  • Weekly export sales announced yesterday were not far off expectations. However, in comparison to last year, corn exports year-to-date are only 26% of the total USDA estimates compared to the five year average of 37%. Soybeans also are running behind at 38% of the total USDA estimate compared to the average of 54%.
  • Argentina’s corn planting is behind, at 17% complete vs. 27% last year. There is talk this may lead to switching to beans from early planted corn in some instances.
  • Thursday funds bought 3,000 corn, 9,000 soybeans, 5,000 meal. Sold 2,000 wheat, 3,000 oil.
  • Commitment of Traders report this afternoon.

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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