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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn +1, soybeans +10, wheat +1, crude oil -.26, dollar -.01, gold +1.0 and the Dow -17.
  • Markets higher this morning, led by soybeans on continued Chinese demand. Election day today and prep for tomorrow’s USDA report.
  • Year to date Chinese soybean imports stand at 66.40 mln mt, up 1.9% from the same date a year ago.
  • USDA reported corn harvest 86% complete and soybean harvest 93% complete. Winter wheat planting 91% complete and rated 58% good/excellent vs 55% on average.
  • For tomorrow’s USDA report, analysts are forecasting a yield of 173.2 bpa vs the USDA October number of 173.4 bpa. Soy yield is estimated at 52.0 bpa vs the October 51.4 bpa.
  • Dry pattern is expected to continue in the Plains wheat region – extending concerns of condition concerns entering dormancy.
  • Monday funds sold 9,000 corn, 6,000 soybeans and 4,000 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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