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Morning Outlook


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Overnight Highlights

  • Overnight grain markets: Corn – ½,  Soybeans +2, Wheat -2 ¼, Crude -.21, Gold +6.10, Dollar -.04, Dow futures -26.
  • The fund trend of long soybean/short grain spread positions continues as traders place their bets before the USDA report tomorrow.
  • The Ohio River has a backlog of 200 barges as the Army Corps of Engineers had to close a lock due to high water levels – as a result barge freight has risen sharply.
  • Argentina’s President Macri is threatening to go to the WTO to appeal the U.S. biofuel tariff on their imports. However, the battle could take years.
  • China’s October soybean imports were well below market expectations and 28% lower than September. Part of this is attributed to slowdowns of shipments out of the U.S. Gulf after the hurricanes.
  • After a 2 ½  week hiatus, Egypt’s GASC showed up yesterday looking for wheat for Dec shipment. Russia won the bid last time around and more of the same is expected.
  • Tuesday funds sold 4,000 corn, 5,000 wheat, 2,000 meal. Bought 4,000 soybeans, 4,000 oil.

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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