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Morning Outlook


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Overnight Highlights

  • Overnight grain markets: Corn – ¾,  Soybeans +4 ½, Wheat –1 ½, Crude +.58, Gold +9.30, Dollar -.24, Dow futures +38.
  • Brazil’s CONAB came out with their first forecast for 2017/18: corn production 92.2-93.6 MMT, soybean production106-108.2 MMT, with soybean acres increasing up to +2.7%.
  • French Farm Ministry upped their 2017 corn production to 13.0 MMT compared to 12.75 MT last month. Soft wheat production was also raised from 37.8 MMT to 37.9 MMT.
  • China is struggling to sell corn out of their state reserves as they again had no buyers for the latest auction.
  • Egypt is back in for more wheat – will this tender get more global participation besides Russia?
  • Monday funds sold 2,000 corn, 5,000 soybeans, 5,000 wheat, 2,000 meal. Bought 2,000 oil.
  • USDA Export Inspections at 10am and Crop Progress at 3pm 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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