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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ½, Soybeans -3 ¾, Wheat – ½,  Crude -.26, Gold -6.50, Dollar +.10, Dow futures +18.
  • Argentina’s Rosario Exchange estimates corn production at 35 MMT vs 40 MMT last estimate and 41 MMT last year; soybeans 46.5 MMT vs 52 MMT last estimate and 57.8 MMT last year.
  • U.S. Commerce Department finalized duties for anti-dumping of biodiesel into the U.S. market: Argentina duties upped to 86.4% duty from 60.4% and Indonesia upped to 276.7% from 92.5%.
  • China is increasing wheat production, with more acres dedicated to the high-protein variety. Asia-Pacific wheat imports are likely to decrease next year.
  • South Korea is in for two orders of corn with NOFI looking for 69K MT and KFA in for 130K MT.
  • Wednesday funds bought 9,000 soybeans, 4,000 meal, 3,000 oil. Sold 4,000 corn, 4,000 wheat.
  • EIA Ethanol Weekly Report this morning. Weekly Export Sales delayed until tomorrow due to the Monday Holiday.

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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