Written Commentary
Ohio River Getting 1-2 inches of Rain between now and Sunday evening. This should offer relief to the low water issue on the lower Mississippi, for now.
Mississippi River Gauge Forecast at Memphis
December Heating Oil entered the “buy zone”, looking at the chart support form the last year of trading. Excluding price action from April-June, this has typically been a solid support zone for HO.
Corn CZ-CH Head-Fake? Strong export sales to Mexico and continued ethanol margin returns to the processor may have brought the current CZ-CH spread 3 cents firmer, but a large and quick harvest is expected to keep a cap on continued strength. This spread may have a another penny or two to the upside, but i believe on-farm-storage can only keep the bushels away from the market for so long. I would call the red box below the “sell zone”.
Silver: Cup and Handle
European Model for the next 10-Day Precip Anomalies shows dryer than normal weather creeping into Brazil’s main growing regions.
Weekly Export Inspections
| This Week | Last Week | Last Year |
Corn | 1,129,708 | 1,701,634 | 514,100 |
Beans | 994,008 | 783,495 | 1,907,952 |
Wheat | 444,138 | 548,223 | 380,134 |
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