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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ¾,  Soybeans +4, Wheat -1 ¼, Crude -.30, Gold -1.60, Dollar +.03, Dow futures +67.
  • Russian exports are moving at a record pace as Russian prices are very competitive globally. IKAR raised the wheat export forecast to 35.3 MMT from 34.0 previous.
  • South Korea bought 55K MT of optional origin corn in the overnight.
  • Japan is looking for 154K MT mix of U.S., Australian and Canadian wheat in their regular tender.
  • Australia’s Bureau of Meteorology is confirming La Nina levels in the tropical Pacific with forecasts predicting a weak state out into April.
  • Monday funds sold 9,000 corn, 3,000 wheat, 3,000 oil. Bought 6,000 soybeans, 7,000 meal.

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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