Home Market Market Watch Morning Outlook

Morning Outlook


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Overnight Highlights

  • Overnight markets have corn -1, soybeans +12, wheat +1, crude oil -.52, dollar -.08, gold -2.0 and the Dow +74.
  • Soybeans leading the strength in the overnight on higher global palm oil prices and strong Chinese soy oil prices.
  • Weather outlook for now looks cooperative for much of Argentina and Brazil.
  • Trade expecting harvest progress in corn to be pushing 65% complete vs 68% on average and soybean progress near 80% which would match the average.
  • CFTC data Friday showed they have been aggressively liquidating their short corn position and adding to their long soybean and soybean oil.
  • Cattle on Feed Friday had a bullish tone with Placements coming in at 98% vs the estimate of 103.6%. This is the smallest Sept placements since the report began in 1996.
  • Friday funds were buyers of 5,000 soybeans, 4,000 corn and sold 2,000 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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