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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1 ¾,  Soybeans +8 ½, Wheat +2, Crude -.18, Gold +3.80, Dollar -.41, Dow futures -21.
  • The overnight market was boosted by active domestic buying of Chinese soymeal along with technical demand according to AgResource.
  • Will November soybeans be able to close above the 200- bar moving average and key resistance at 9.80?
  • The S& P downgraded China’s credit rating to AA- due to growing debt levels making them a higher risk. China is the world’s 2nd largest economy.
  • The Midwest harvest continues to get bumped up as hot/dry conditions are causing a rapid dry-down. More yields should be reported after the weekend to compare to expectations.
  • Yesterday, the EPA reported that the U.S. biofuel industry generated 1.326 billion RINS in August vs. 1.274 in July.
  • Cattle on Feed and Cold Storage at 2pm CDT.
  • Thursday funds bought 1,000 soybeans, 4,000 wheat, 3,000 meal. Sold 3,000 oil, even corn.

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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