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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ¾, Soybeans EVEN, Wheat -2 ¼,  Crude -.19, Gold +5.40, Dollar -.54, Dow futures -147.
  • Argentina weather continues to be the focus with limited rain opportunities in the next 10-14 days.
  • Dollar trading weaker while the Brazilian Real is unchanged. The DOW is expected to be lower on profit-taking from recent uptick.
  • Carnival celebrations in South America has brought a halt to their cash markets, with little farmer selling pressuring the market. China’s Lunar Year Holiday starts this Friday.
  • French Agrimer lowered soft wheat production forecasts by 0.4 MMT while raising corn prospects by 0.6 MMT.
  • Monday funds bought 20,000 corn, 17,000 soybeans, 9,000 wheat, 13,000 meal. Sold 6,000 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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