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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1 ½,  Soybeans -7, Wheat -3 ¾, Crude -.18, Gold +3.70, Dollar -.12, Dow futures +52.
  • South Korea bought 68K MT of either U.S. or South American origin corn in a deal that closed late last week.
  • Russian customs data indicated total wheat exports in January – October 2017 to be 24.5 MMT compared to 19.9 MMT in 2016.
  • Monsanto reportedly will be offering a cash back incentive rebate to farmers in the upcoming season to purchase the controversial dicamba herbicide.
  • Analysts are predicting tomorrow’s USDA Report to show U.S. corn ending stocks at 2.478 bbu, which is a reduction from the previous 2.487 bbu. Worldwide ending corn stockpiles are predicted to show a reduction from last month’s 203.86 MMT to 202.7 MMT.
  • Friday’s COT Report showed managed funds short 119K contracts of wheat off 4,000; short 160K contracts of corn off 37K; long 53K contracts of soybeans up 21K.
  • USDA Weekly Export Inspections at 10am CST.

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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