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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1 ½,  Soybeans +5, Wheat – ¾, Crude -.02, Gold +4.80, Dollar -.43, Dow futures -3.
  • Markets mixed this morning – while corn is battling large stocks and the South Americans, soybeans are being boosted by solid demand from China.
  • Soybeans closed above the 50-day moving average for the first time since August 9th.
  • South American soybean planting will commence September 10th. Brazilian and Argentine weather will be getting a lot of coverage.
  • Stats Canada reported canola stocks at their lowest level in four years.
  • Wednesday funds bought 7,000 corn, 3,000 soybeans, 3,000 wheat, 2,000 meal, 2,000 oil.
  • USDA weekly export sales are due out tomorrow, due to the holiday shortened week.

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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