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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ¾,  Soybeans +2 ¾, Wheat +4 ¾, Crude +.20, Gold +4.20, Dollar -.24, Dow futures +157.
  • Commitment of Traders report with options as of Dec 15th show managed money: corn short 197,192 up 36,673; soybeans long 19,755 off 33,378; wheat short 157,652 up 38,870.
  • Russia’s Ag Minister continues to raise exports, up to 40 MMT, as they continue to improve logistics. Their wheat prices have fallen as they try to stay out of reach of Romania and the rest of the competition.
  •  Brazil weather continues to look favorable, while Argentina received some weekend rains. Argentina’s rainfall over the next two weeks looks to be diminished to an extent. Two-thirds of the country is 70% behind in Dec.  
  •  Friday funds sold 4,000 corn, 5,000 soybeans, 1,000 wheat, 3,000 meal, 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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