* Grains and oilseeds are weaker on friendly Brazilian weather and anticipated moisture for the southern US plains.
* This week’s energy report found less growth in crude stocks than the market anticipated, growing by 3.4 billion barrels, while gasoline stocks shrank for third week in a row and distillates (heating oil) stocks shrank even on flat shipping fuel usage.
* Ethanol stocks were reported to be lower by 600k barrels while production was off 7,000 barrels per day at 944,000 barrels.
* The EU parliament rejected a draft law that would have allowed member states to ban the use of EU-approved genetically modified food and feed.
* Dow Jones Commodity Index is up 1.1% on the strength today in the energy market.
* Cattle are stronger on midweek cash trade that was steady with Friday triggering short covering. November feeders and December cattle are currently trading limit up.
* Hogs are lower as packer demand decreased amid seasonal increase in supplies.
* US dollar is weaker on the anticipation of the Fed’s afternoon notes on this week’s FOMC meeting.
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.
Questions or comments? Contact us at 1-866-249-2528 or firstname.lastname@example.org