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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ¼,  Soybeans -1 ½, Wheat +1, Crude -.10, Gold -.70, Dollar +.16, Dow futures +69.
  • Egypt’s GASC was back in for wheat after the close yesterday for January shipment.
  • South Korea picked up 70K MT of optional origin corn.
  • NAFTA talks are taking a breather, as the U.S., Canadian and Mexican trade ministers agreed to bypass the fifth round of talks to take more time “to make important progress on key chapters” that came out of the fourth round of talks.
  • Wednesday funds bought 3,000 corn, 7,000 soybeans, 6,000 oil, 2,000 meal. Sold 6,000 wheat.
  • CBOT corn open interest is at its highest level in 10 years, even with large ending stocks and a lack of a fundamental story.
  • 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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