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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ¾,  Soybeans -1 ½, Wheat + ¾, Crude +.50, Gold -2.70, Dollar -.01, Dow futures +51.
  • Brazil’s CONAB crop estimates: soybean production 109.2 MMT vs. 114.1 MMT last year; corn production 92.2 MMT vs. 97.8 MMT last year.
  • China’s Ag Minister lowered the 2017/18 corn import forecast to 1 MMT from 1.5 MMT, as their domestic corn output estimate is up to 215.9 MMT from 210.1 MMT.
  • Egypt’s GASC was in after the close for more wheat, for late Jan shipment. This will likely be another Russian sale, as their prices are remaining the lowest.
  •  Monday funds sold 9,000 corn, 7,000 soybeans, 5,000 wheat, 4,000 meal, 2,000 oil.
  • December USDA Crop Report at 11am 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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