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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1 ¾, Soybeans -3 ¼, Wheat -5 ½, Crude -.93, Gold -.90, Dollar +.20, Dow futures -157.
  • China canceled 4 cargoes of U.S. corn and rebought the it from Ukraine, due to tighter GMO oversight, as Ukraine does not genetically modify crops.
  • China is expecting to consume 4 MMT more ethanol in 2017/18 than last season. Their top growing region, Heilongjiang is planning to add 5 MMT of ethanol production capacity this year.
  • Egypt’s GASC is in for more wheat for March. Ukraine may be able to compete with Russia for this order as Russian values have risen by $3/MMT.
  • The Budget Bill from Congress includes a $1/gal credit for 2017 biodiesel production. RINS values were up following this development.
  • Thursday funds bought 6,000 corn, 9,000 soybeans, 9,000 meal. Sold 6,000 wheat, 5,000 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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