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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ¼ ,  Soybeans +2 ½, Wheat +1 ¾, Crude +.28, gold +11.90, Dollar -.03, Dow futures -47.
  • Markets mixed overnight on low trade volumes as traders jockey for position ahead of the USDA report tomorrow.
  • Average trade estimates according to AgResource: U.S. corn yield 165.3 bpa and soybean yield 47.3 bpa. To put in perspective, this would equate to the 3rd best corn and 2nd best soybean yield recorded.
  • WASDE estimates for tomorrow’s report: 2016/17 carryout – corn 2.386 mbu vs. 2.370 mbu July, soybeans .401 mbu vs. .410 July; 2017/18 carryout – corn 2.003 mbu vs. 2.325 mbu July, soybeans .424 mbu vs. .460 July.
  • Offers from the U.S., Argentina and Brazil were rejected by Taiwan overnight due to “high prices”.
  • Oilseed crops may be limited in India due to a lack of developing monsoonal rains this season.
  • EIA Energy Stocks report at 9:30am CDT.

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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