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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -2, soybeans -1, wheat +1, crude oil -.28, dollar +.22, gold -3.0 and the Dow +13.
  • Mixed trade overnight. Chinese and fund buying will be key to continuing the recent soybean run. Large US crops and decent Brazil weather so far will tug on the markets. 
  • Trade expecting corn harvest progress to be past 84% compared to 79% on average. Soybeans expected at 80% vs 84% on average.
  • Brazil’s Mato Grosso state is estimated at 67% complete on soybean planting vs 38% last year on this date.
  • COT report Friday saw Managed Money hardly move their short corn position, added to their large short wheat position and added on to their long soybean net position.
  • The next USDA crop production/WASDE report will be out Wednesday November 9th.
  • Friday funds sold 9,000 soybeans, 4,000 corn 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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