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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn +1/2, soybeans +1, wheat +1/2, crude oil -.10, dollar +.25, gold +6.0 and the Dow -30.
  • Somewhat supportive trade overnight in grains. Markets caught between excellent demand and impressive yields as harvest progresses.
  • US dollar now trading at its highest level in two months.
  • USDA Oct supply/demand report out Wednesday. Estimates are for corn yield at 173.5 bu vs 174.4 in Sept. Soy yield estimated at 51.5 vs 50.6 in Sept.
  • Yesterday’s weekly corn export sales came in at 2.060 mln mt. Well above the upper trade estimate at 1.400 mln.
  • Yesterday funds sold 12,000 corn, 5,000 wheat and bought 2,000 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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