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Morning Outlook

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Overnight Highlights

  • Overnight grain markets have corn + 2, soybeans + ¾, and wheat + 3 ¾.     
  • Other overnight markets: crude oil -.60, dollar -..02, gold +4.20 and the Dow -21.
  • USDA census crush report: October crush 176 mb vs. 138.3 mb in September.  Soybean oil stocks 1.437 bln lbs. vs. 1.417 bln lbs.  Meal stocks were 335 tmt vs. 233 tmt.
  • Oil has softened  after the big weekly rally as there is concern that non-OPEC producers may lack commitment to the agreement.  OPEC accounts for 1/3 of the world’s oil supply.
  • Asian markets joined Europe and Wall Street in giving up some recent gains due to the possibility of faster than expected U.S. interest rate increases.

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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