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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ½, Soybeans EVEN, Wheat – ¾, Crude -.62, Gold +10.80, Dollar -.51, Dow futures +93.
  • Russian wheat exports from Jan-Nov were up to 28.8 MMT from 22.9 MMT last year.
  • The CME lowered margins on soybean and soymeal futures from $1,450 and $1,200 to $1,300 and $1,000.
  • It has been reported that soybeans in Brazil are trading at 3 ½ month lows due to a strengthening Real and low CBOT prices, resulting in lowest sales by Brazilian producers in 5 years.
  • Thursday funds sold 1,000 corn, 5,000 soybeans, 5,000 meal, 4,000 oil. Bought 2,000 wheat.
  • The Commitment of Traders Report is this afternoon, and it is thought that funds are now short over 100K contracts of soybeans.
  • USDA Crop Report today at 11am CST.

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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