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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn –1 ¾, Soybeans -1 ½, Wheat -6, Crude -.28, Gold -7.90, Dollar +.08, Dow futures +85.
  • An industry source says that China’s corn processing capacity went up 30% in 2017, and their stockpiles were whittled down 28% in 2017.
  • It is predicted that China will import 100 MMT of soybeans in 2017/18, well above the 93.5 MMT last year.
  • Commitment of Traders Report with options showed managed funds: corn long 163,000 up 104,000; soybeans long 184,000 up 37,000; wheat short 32,000 down 29,000; soymeal long 115,000 up 9,000; soyoil short 9,000.
  • Friday funds sold 11,000 corn, 19,000 soybeans, 7,000 wheat, 8,000 meal and 3,000 oil.
  • USDA Weekly Export Inspections Report at 10am CST.

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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