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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ¾,  Soybeans +3 ¼, Wheat +2, Crude +.45, Gold +1.70, Dollar -.03, Dow futures -5.
  • Egypt’s GASC bought 295K MT of wheat from Russia for late Jan shipment.
  • Brazil’s Senate passed a bill yesterday that proposed a large increase in ethanol and biodiesel to help cut carbon emissions. There are still details to be worked out regarding mandates and date of implementation.
  • France’s Agrimer upped corn production estimates to 13.2 MMT from 12.7 MMT last month, while cutting soft wheat exports from 9.9 MMT to 9.5 MMT.
  •  Tuesday funds sold 6,000 corn, 8,000 soybeans, 3,000 wheat, 4,000 meal. Bought 3,000 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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