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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn +3/4, soybeans +1, wheat -2, crude oil +.25, dollar +.07, gold -1.0 and the Dow -22.
  • Mixed trade overnight in grains as they await this morning’s USDA report.
  • Corn harvest was reported at 35% complete vs average of 38% for the date. Soybeans reported at 44% complete vs 47% on average. Both were a few points behind trade anticipation.
  • Chatter that with the approval of some GMO corn varieties from the US Brazil will import corn from the US for their feed milling.
  • Estimates for the Oct USDA report due this morning at 11:00 CT; Corn yield of 173.5 vs 174.4 in Sept. Soybean yield of 51.5 vs 50.6 in Sept. (previous record was last year at 48 bpa. Average final of the previous 10 years is 43.3) This report will consider FSA acreage information as well as yield data from USDA plots.
  • September corn inspections reached 233.6 mln bu – slightly under the record of 250.3 mln in 1995. Sept soybean inspections set a new record at 133.2 mln bu. Expect the pace to continue into winter.
  • Midwest rain events overnight and in the near-term forecast will provide some harvest delays.
  • Yesterday saw funds buy 6,000 corn, 2,000 soybeans and 3,000 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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