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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +3 ¼,  Soybeans +10 ¾, Wheat +6 ¼, Crude +.65, Gold +5.10, Dollar -.21, Dow futures -60.
  • The USDA reported DDG production in July at 1.922 MMT compared to last year’s 2.048 MMT. Corn used for ethanol in July was also down, reported at 454.8 million bushels compared to last year’s 456.4 million bushels.
  • Brazil reported record exports in both corn and soybeans in the month of August. Corn exports were 5.2 MMT compared to 2.5 MMT last year, while soybeans were 5.9 MMT compared to 3.8 MMT last year.
  • Commitment of Traders report with options showed managed money: corn short 64,945 up 47,872; soybeans short 28,367 up 4,973; wheat short 77,529 up 10,778; soybean meal short 36,152 up 1,597; soybean oil long 66,871 up 22,267.
  • USDA crop progress report at 3pm CDT. Expectations are for corn to be rated 61-62% good/excellent compared to 62% last week, and for soybeans to be rated 60-61% vs. 61% last week.
  • USDA weekly export inspections report at 10am CDT.

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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