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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn +1, soybeans -4, wheat +2-4, crude oil +.32, dollar +.13, gold +10.0 and the Dow +67.
  • Mixed trade overnight in grains. Good harvest progress over the weekend across the Midwest. Trade will be watching for China to come after soybeans following their holiday week. Directional market unlikely until after Wednesday’s USDA report.
  • USDA closed for Columbus Day which will delay harvest progress and export inspection reports until tomorrow.
  • Brazil analysis AgRural estimates their soy planting at 11% complete vs 8% last year.
  • COT report showed Managed Money aggressively added to their net short wheat position (-20,000) while they covered some of their net short corn and added to their net long soybean position. This takes their net short wheat position to more than twice the size of the SRW crop in 2016.
  • October USDA supply/demand report will be out Wednesday. Many traders are expecting a small cut in corn yield and for the soybean yield to grow.
  • Analysts anticipate 16/17 world corn ending stocks to be at 218.3 mln mt, off from the September estimate of 219.46 mln.
  • Friday funds bought 1,000 soybeans, were even corn and sold 500 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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