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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ½,  Soybeans +3 ¼, Wheat + ¾, Crude +.14, Gold +3.40, Dollar flat, Dow futures +81.
  • Buenos Aires Grain Exchange is reporting Argentine corn planting 45% complete vs. the 3-year average of 55%; soybean planting 63% complete vs. the 3-year average of 69%.
  • South Korea bought 67K MT of optional origin corn in the overnight, along with 65K MT of feed wheat.
  • China’s hog herd is said to be 6.3% lower in November vs. last year, and the sow herd is down 5.6%.
  • Thursday funds sold 1,000 corn, 9,000 soybeans, 5,000 meal. Bought 2,000 wheat, even oil.
  • NOPA Crush Report due out this morning – trade is looking for a record November U.S. crush rate of 160-163 bushels.

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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