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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +5 ½, Soybeans +8, Wheat +8, Crude +.16, Gold -2.70, Dollar +.11, Dow futures +74.
  • China extended an olive branch as they indicated they are willing to end the anti-dumping probe into U.S. sorghum imports, boosting optimism that the two sides will work together on trade issues.
  • U.S. Trade Representative, Lighthizer, said yesterday that NAFTA partners are still far apart regarding differences around labor, agriculture, energy and intellectual property.
  • Buenos Aires Grain Exchange further reduced the Argentine soybean crop estimate to 36 MMT, with abandonment up and yields down.
  • Argentine crushing plant workers went on strike to protest layoffs by Cargill.
  • South Korea bought 63,000 MT of feed wheat in the overnight.
  • Thursday funds sold 6,000 corn, 5,000 soybeans, 2,000 meal. Bought 3,000 wheat, 4,000 oil.

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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