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Morning Outlook


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Overnight Highlights

  • Overnight grain markets: Corn +1 ¾, Soybeans -1 ¾, Wheat +2 ½, Crude +.28, Gold +14.20, Dollar -.51, Dow futures +80.
  • The Dollar continues to trade into new lows below key support, while the Brazilian Real is up. If former Brazilian President Lula is judged guilty today, the Real will rally further, limiting Brazilian soybean selling.
  • US/EU weather models continue to be in agreement that Argentina will have limited rains over the next 10-14 days.
  • Philippines purchased 180K MT of soymeal yesterday, with 135K MT sourced off the PNW and 45K MT from Argentina.
  • India is projected to produce 2% less wheat than last year, thought to be due to less planted acres.
  • Tuesday funds sold 6,000 corn, 4,000 wheat. Bought 3,000 soybeans, 4,000 meal and 4,000 oil.
  • EIA Ethanol report today at 9:30am 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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