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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ½, Soybeans EVEN, Wheat +2 ¼, Crude +.95, Gold -.50, Dollar -.04, Dow futures -19.
  • According to China’s starch industry association, China’s corn demand will grow by 15 MMT in 2018 to 225 MMT.
  • EU Stratagie Grains lowered its soft wheat export estimate to 20.3 MMT. The Black Sea Region has proven a formidable competitor, as this is the sixth month in a row of reductions to estimates.
  • Japan purchased 102K MT of wheat in their weekly tender.
  • Ethanol data yesterday showed production off 2.4% and ethanol stocks were reduced by 2.3%.
  • Wednesday funds bought 10,000 corn, 7,000 wheat, 3,000 oil. Sold 5,000 soybeans, 5,000 meal.
  • USDA Weekly Export Sales Report this morning.  

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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