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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ¼,  Soybeans +1 ¼, Wheat + ¾, Crude -.06, Gold -1.70, Dollar +.25, Dow futures +47.
  • Brazil’s Ag Ministry is seeking to change import duties to allow duty free import of 750K MT of wheat. This would allow the U.S. and Russia to compete on a level playing field with Argentina for this wheat order.
  • In global overnight trade action: South Korea bought 180K MT of soymeal, likely sourced from South America, Taiwan bought 65K MT of corn thought to be from Argentina, and the Saudis issued a tender for 475K MT of hard milling wheat.
  • Ukraine lowered their 2017 corn yield forecast which reflects a reduction of 1-3 MMT off the USDA outlook, as harvest is 55% complete and down 19% from last year.
  • Wednesday funds sold 8,000 corn, 5,000 soybeans, 3,000 wheat, 3,000 oil. Bought 2,000 meal.
  • USDA Weekly Export Sales report this morning.

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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