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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1 ¼,  Soybeans -5, Wheat -5 ¼, Crude -1.05, Gold -9.40, Dollar +.49, Dow futures +54.
  • The trend of “better than expected” yield reports and the advancing harvest has added weakness to the market.
  • Commitment of Traders with options showed managed funds: corn short 133,442 up 1,164; soybeans long 28,320 up 14,573; wheat short 64,699 off 14,689.
  • Today is National Day and Golden Week in China.
  • Brazil’s AgRural is estimating planting off to a slower start this year with soybeans 1.5% planted compared to 4.8% last year and 2.3% average year-to-date, with the Mato Grosso only 1% planted compared to 6.5% last year.
  • USDA weekly export inspections at 10am 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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