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Morning Outlook


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Overnight Highlights

  • Overnight markets have corn +1/2, soybeans -4 ½, wheat -1, crude oil -.35 dollar +.50, gold -2.0 and the Dow +25.
  • Mixed overnight following yesterday’s start of month buying in corn and soybeans. Big harvest week and a stronger US dollar this morning.
  • USDA reported corn harvest at 24% complete vs 27% average for the week. Soy harvest came in at 26% complete vs 27% on average.
  • USDA reported August Soy crush at 140.6 mln bu vs trade expectation of 141.0 mln bu.
  • Argentine Pres Macri stated he will delay lowering the Soybean export tax until 2018. This is a slower reduction than promised during his election. His proposal now is for a 0.5% per month reduction of the 35% export tax from Jan 2018 to Dec 2019.
  • Soybean board crush continues to hover near 5 ½ month lows. Trade will be watching soy meal price action for indication of price bottoming to return as buyer in soybeans.
  • Monday funds bought 15,000 corn, 8,000 soybeans and sold 5,000 wheat.

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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