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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -2, soybeans -1, wheat -1, crude oil -.17, dollar +.40, gold +3.0 and the Dow -9.
  • Markets a bit lower on the last day of the week and last day of September. USDA stocks report today, higher dollar, chatter of China soon to export corn and decent weather forecasts for harvest.
  • Ahead of today’s USDA Quarterly Stocks report, analysts expect Sept 1 US corn stocks at 1.75 bln bu vs 1.73 on Sept 1, 2015. Soy stocks are expected at 200 mln bu compared to 191 bln last year.
  • China has been unsuccessful at selling its large corn reserves domestically and has reportedly issued export permits to two state owned companies.
  • Argentina is estimated at 21% complete in corn planting vs 13.2% last year on this date.
  • Huge weekly soybean sales yesterday. Year to date soybean sales are at 25.1 mln mt vs 20.6 last year on this date. In corn, year to date sales are 18.5 mln mt vs 10.5 mln last year on this date.
  • Quarterly Hogs and Pigs report will be out this afternoon. Analysts expect all hogs and pigs at 101% of year ago levels.
  • Yesterday funds sold 2,500 corn, 3,000 wheat and bought 4,000 soybeans.

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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