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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1,  Soybeans -6 ¼, Wheat -2 ¼, Crude -.55, Gold -20.60, Dollar +.02, Dow futures -8.
  • The chop of the grain markets moving up one day and down the next will likely continue as harvest progresses.
  • In the E Midwest, farmers are lamenting that the dry conditions have caused soybean moisture to fall below 10%, prompting harvest challenges and a loss of bushel weight, according to AgResource.
  • China’s COFCO International is projecting their soymeal demand will grow to 72.1 MMT in 2017/18, a 6.5% increase over last year. Pig feed demand is the main driver.
  • China offered 903,801 MT of reserve corn at auction today and sold 804,412 MT of it.
  • November soybeans closed above the 50-day moving average yesterday. Key resistance is through 9.80.
  • Wednesday funds bought 5,000 corn, 3,000 soybeans, 5,000 wheat, 2,000 oil, 1,000 meal.

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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