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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn -3/4, soybeans +7 ½, wheat +3/4, crude oil +.53, dollar +.55, gold -16.0 and the Dow +239.
  • Mixed trade this morning with soybeans the strongest on continued good demand.   
  • Trade expecting corn harvest this afternoon near 85% complete and soybeans pushing 95%.
  • Safras Mercado estimates Brazil soy planting at 52.5% complete vs 48.7% on average.
  • Trade will be prepping for Wednesday’s USDA report. Average analyst guess is for 173.2 bpa on corn (vs 173.4 in October) and 52.0 bpa on soybeans (vs 51.4 in October).
  • Friday’s Commitment of Traders report showed Managed Money as small coverers of their short corn, continued buyers of soybeans and covered about 10% of their short Chicago wheat.
  • FBI Director James Comey told lawmakers yesterday the agency hasn’t changed its opinion that Hillary Clinton should not face criminal charges after they reviewed new emails. The news sent equity and energy markets higher in overnight 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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