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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -1/2, soybeans +1/2, wheat -2, crude oil +.30, dollar +.07, gold +3.0 and the Dow -1.
  • Mixed overnight grain trade. Soy demand continues from China but ongoing harvest continues to weigh on price.
  • Trade expects this afternoon’s corn and soy harvest progress at 25-30% complete vs 32% avg for the date.
  • China buying activity may slow as they go on holiday.
  • USDA will issue their August soy crush report today. Avg estimate at 141 mln bu vs July of 153.4 mln.
  • COT report showed Managed Money added -15,252 to its net short corn, cut 32,781 contracts off the net long position and added -4,152 to its net short wheat.
  • Friday funds were buyers of 16,000 corn, 4,000 soybeans and 2,000 wheat.
  • Today starts new week, new month and new quarter trading.
  • The USDA Quarterly Hog and Pigs report showed All Hogs and Pigs at 102% vs trade guess of 101%.
  • October USDA supply/demand report scheduled for October 12th.

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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