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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -2, soybeans -1/2, wheat -1-2, crude oil -.11, dollar -.38, gold -15.0 and the Dow +20.
  • Lower trade overnight on continued hedge pressure from the large US corn and soybean crops.  The November crop production report is slated for next Wednesday.
  • Yesterday’s Soybean inspections were massive…again.
  • Look for commercial buying interest to pick up on breaks in the market while farmer selling will meet rallies.
  • FOMC meeting starts today and concludes Wednesday. Many are looking for language that will confirm a December rise in interest rates.
  • USDA estimated corn harvest at 75% complete vs a year ago at 82%. Soybean harvest is estimated at 87% complete vs 91% a year ago.
  • Analysts expect USDA September soy crush at 4.105 mln tons vs last month at 4.218 mln. Soy oil stocks are expected at 1.640 bln lbs vs last month at 1.666 bln lbs.

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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