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Morning Outlook


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Overnight Highlights

  • Overnight grain markets: Corn -1 ½,  Soybeans -5 ¼, Wheat -3 ½, Crude +.46, Gold -.60, Dollar +.39, Dow futures -3.
  • Overnight markets receiving pressure from rains predicted in the long-term outlook for Brazil and solid U.S. yield reports coming in over the weekend (combined with overbought conditions).
  • Commitment of Traders report with options as of September 19th showed managed funds: corn short 134,606 up 15,194; soybeans long 13,747 up 18,155; wheat short 79,568 up 4,177; soybean meal short 16,919 off 14,898; soybean oil long 92,870 off 7,656.
  • Cattle on Feed report Friday afternoon was bearish – On Feed 104% vs. estimated 102.7%, August Placements 103% vs. estimated 97.1% and Marketed 106% vs. 105.8% estimated.
  • Friday funds bought 7,000 corn, 13,000 soybeans, 6,000 meal. Sold 4,000 wheat, 3,000 oil.  
  • USDA Quarterly Stocks Report at 11am this Friday.

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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