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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1 ½, Soybeans +3, Wheat +2, Crude -.05, Gold -10.90, Dollar +.41, Dow futures -10.
  • China has not purchased U.S. soybeans for two weeks. Purchasing non-U.S. beans has increased costs for Chinese crushers, as their profitability has fallen from 263 yuan/MT to 21 yuan/MT.
  • China corn acreage is expected to decrease by 820K acres according to their Agriculture Minister.
  • Tuesday funds bought 10,000 corn, 4,000 soybeans, 7,000 wheat, 2,000 meal. Sold 1,000 oil.
  • EIA Ethanol weekly 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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