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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ½, Soybeans – ¼, Wheat -4 ¼,  Crude +.18, Gold +6.10, Dollar +.22, Dow futures +39.
  • Soybean meal is trading into new highs – will meal pull soybeans along yet again today?
  • Argentina’s Buenos Aires Exchange indicated that 56% of the bean crop and 58% of the corn crop has sustained drought damage. They are estimating production of 50 MMT of soybeans compared to 58 MMT last year, and 39 MMT of corn compared to 41 MMT last year.
  • Brazil’s Ag Minister is predicting that their crop volumes this year will exceed last year’s record.
  • Chinese New Year today with Golden Week beginning tomorrow.
  • Thursday funds bought 6,000 corn, 9,000 soybeans, 5,000 wheat, 5,000 meal. Sold 3,000 oil.

Markets are closed Monday in Observance of President’s Day.

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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