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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ½,  Soybeans +3, Wheat -1 ½, Crude +.69, Gold +8.00, Dollar +.07, Dow futures +130.
  • South Korea bought 194K MT of corn in the overnight.
  • Tuesday funds sold 7,000 corn, 6,000 wheat, 2,000 meal. Bought 3,000 oil. Soybeans even.
  • Managed funds are estimated to be 200K contracts short in corn and 100K contracts short in wheat.
  • EIA Energy Stocks at 9:30am CDT, near record production numbers are expected.
  • USDA Crush Report at 2:00pm CDT, with a decrease of around 5 mbu of soybeans processed estimated from August to September.

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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