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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1,  Soybeans -2 ¼, Wheat even, Crude +.04, Gold -7.30, Dollar +.37, Dow futures +1.
  • USDA reported corn 11% harvested compared to 14% last year and 17% average year-to-date.
  • USDA reported soybeans 10% harvested compared to 9% last year and 12% average year-to-date.
  • USDA reported winter wheat seeding 24% planted compared to 13% last week and 20% average.
  • Mike Hall reported soybean yields from Monday: IL 73 bpa, range of 55-89 on 58 reports; IA 67 bpa, range of 48-82 on 55 reports; IN 67 bpa, range of 50-76 on 23 reports.
  • China is celebrating their Autumn Festival and National Day which will keep them occupied until early next week – expect limited demand for soybeans in the interim.
  • Monday funds bought 4,000 corn, 3,000 wheat. Sold 7,000 soybeans, 3,000 meal, 2,000 oil.  

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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