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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ¾, Soybeans +2 ¾, Wheat – ¾, Crude -.53, Gold +2.70, Dollar -.21, Dow futures -6.
  • Soybeans sourced from the U.S. PNW are the least expensive option to Asia through February. Argentine beans will have the advantage after February.
  • Ukraine analyst AgroConsult is reducing their corn crop estimate to 25.0 MMT from 25.5 MMT. This compares with 26.2 MMT produced in 2016.
  • Egypt’s GASC is looking to put in another order for wheat for February. The last batch of 295K MT was sourced from Russia, as they continue to be the most competitive in that region. Romania also has offered for the business.
  • For the calendar year, China has imported 22% more wheat and 11% more soybeans than in 2016.
  • Tuesday funds bought 2,000 corn, 8,000 soybeans, 3,000 meal, 6,000 oil. Sold 2,000 wheat.

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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