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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1 ½, Soybeans +2 ¼, Wheat +5 ¾, Crude -.72, Gold +2.30, Dollar -.21, Dow futures -243.
  • The U.S. Dollar is back to trending lower this morning, back below the 89.00 level.
  • KC wheat gapped higher again at open as USDA data offered very poor conditions for Kansas and Oklahoma. KS is 14% good/excellent while OK is only 4% good/excellent.
  • Corn is trading into new highs on this recent move.
  • Meal basis is firming up as Central IL crusher margins rose by 18 cents/bu.
  • NAFTA negotiations in Montreal on Monday made a small, positive step forward and negotiations will continue another three to four months.
  • Monday funds bought 12,000 corn, 6,000 soybeans, 6,000 wheat, 3,000 meal, 2,000 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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