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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -2, soybeans +3, wheat -1, crude oil +.88, dollar -.03, gold +6.0 and the Dow +23.
  • Mixed trade this morning on slow news. Trade continues to monitor harvest progress and yield reports and prep for the Oct 12th and expect higher soy and lower corn yield from the USDA.
  • Brazil’s grain export assn. ANEC lowered their estimate for Brazil’s 2016 soybean exports to 52 mln mt vs their previous estimate of 57 mln. 2017 is estimated at 53 mln mt.
  • So far Brazil has had a good start to the planting season with a cooperative forecast. Both corn and soybean planting pace is ahead of average.
  • Yesterday funds bought 9,000 corn, 6,000 soybeans and 1,000 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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