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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn +1, soybeans +3, wheat -1, crude oil +.16, dollar -.15, gold +6.0 and the Dow +42.
  • Grain markets mixed overnight. Soybeans supported on stronger Chinese futures. Expectation is for Argentine relief rains to arrive Sunday.
  • US is challenging China at the WTO over tariff rate quotas for Corn, Wheat and Rice.
  • Informa raised their 2017 Soybean acreage estimate to 88.8 mln acres. This compares to last year at 83.7 mln. Their corn acreage estimate is at 90.1 mln acres vs 94.5 mln planted last year. History shows Informa to slightly over-estimate soy acres and slightly under-estimate corn acres.
  • Argentine soy planting is estimated at 67% complete fs 73% on average.
  • NOPA crush showed Nov soy crush at 160.7 mln bu vs the trade expectation of 162.5 mln. This also yielded smaller than expected soy oil stocks.
  • Yesterday funds bought 9,000 soybeans and sold 9,000 corn and 4,000 wheat.

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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