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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn +1, soybeans +1, wheat +1, crude oil -.71, dollar -.38, gold +9.0 and the Dow -24.
  • Grains generally higher this morning following softer overnight trade. Both corn and soybeans are finding technical support after the first trading day of November selloff. The US dollar is extending yesterday’s losses on anticipation of today’s FOMC summary and signs of Trump gaining in national polls.
  • RMA’s site shows their average corn price for the month of October at $3.49 and soybean price at $9.75.
  • FC Stone’s production estimates for corn remain high at 175.3 bpa (Oct USDA was 173.4) with their soybean yield estimate at 52.8 bpa (Oct USDA was 51.4).  Informa’s estimates will be out later this week.
  • No cattle traded yesterday. Asking prices are around $108 but yet to find packer interest. Improving beef demand providing a more optimistic tone to the trade.

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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