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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1 ¾, Soybeans +6 ½, Wheat +5 ¾,  Crude -.08, Gold +8.90, Dollar -.18, Dow futures +136.
  • Argentina looks to set a record for the lowest rainfall across their major growing areas in 38 years, with limited rains forecasted into mid-March.
  • U.S. Plains expected to see continued dryness into March 10th.
  • China is looking more to Brazil of late for soybeans, as U.S. exports to China for January were down 14%. PRC imports of U.S. beans in January made up 67% of the pie, while last year was 89%.
  • Agroconsult upped their Brazilian soybean crop production estimate to 117.5 MMT, compared to last month’s estimate of 114.1 MMT and last year’s 114.6 MMT.
  • Commitment of Traders Report with options showed managed funds: corn long 19,000 up 29,000; soybeans long 99,000 up 56,000; wheat short 67,000 up 10,000.

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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