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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn –1, Soybeans -4, Wheat –1 ¾, Crude -.11, Gold +2.90, Dollar -.19, Dow futures +40.
  • The Argentine port of Rosario, which loads 80% of all Ag exports, experienced an explosion yesterday at a crushing facility, killing one and wounding eight. Workers are threatening to strike for safer working conditions.
  • China’s new Foreign Matter policy of not exceeding 1% is presenting challenges, with additional scrutiny and screening. Half of U.S. soybeans shipped to China this year would not meet specs.
  • Egypt’s GASC bought 180K MT of Russian wheat at $208.05 C&F, lower than earlier in the month at $208.37.
  • Wednesday funds bought 3,000 corn, 4,000 wheat. Sold 6,000 soybeans, 3,000 meal, 3,000 oil.
  • First Notice Day tomorrow for January contracts.
  • EIA Ethanol report today and USDA Weekly Export Sales tomorrow.

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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