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Morning Outlook

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Overnight Highlights

  • Overnight markets: Crude +.42, Gold -7.20, Dollar +.10, Dow futures +25.
  • Argentina is having one of the driest Februarys in decades with key growing areas receiving only 15-55% of normal rainfall. The warm/dry pattern across Argentina will continue for the next 10-14 days according to the US and EU weather models.
  • Argentine rains over the weekend only hit 20-23% of the crop growing areas. ­
  • Commitment of Traders Report with options showed Managed Funds: corn short 11,000 down 82,000; soybeans long 43,000 up 53,000; wheat short 57,000 down 26,000; soyoil short 14,000 up 13,000; soymeal long 71,000 up 19,000.

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

AgResource Argentina Rainfall Map­

 

 

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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