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Morning Outlook

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Overnight Highlights

  • In overnight markets corn +1 ½, soybeans +5, wheat +2 ½, crude -.67, gold +1.3, Dollar -.03, Dow futures -8.     
  • Higher grain trade this morning from weaker US dollar, labor issues in Argentina and continued dryness in western US wheat areas.
  • Rosario port workers in Argentina voted to hold a 24 hour strike on March 30th demanding higher wages.
  • Friday’s Commitment of Traders report showed Managed Money now net short -23,602, off 103,602 contracts. Soybeans were off 29,284 now net long 98,354. Wheat shorts increased 37,449 contracts to -100,629.
  • Weaker crush margins in China have slowed their pace of Brazilian soy purchase.
  • Soy premiums continue to struggle. US FOB soybeans are offered at +34 for April, the lowest value in 10 years.

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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