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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -1,  Soybeans -1 ¾, Wheat + ¾, Crude -.16, Gold –2.80, Dollar -.03, Dow futures +31.
  • USDA crop progress: corn 17% harvested compared to 21% expected, 23% last year and 26% average year-to-date.
  • USDA crop progress: soybeans 22% harvested compared to 25% expected, 24% last year and 26 average year-to-date.
  • USDA crop progress: winter wheat 36% planted compared to 41% last year and 43% average year-to-date.
  • FC Stone came out with an update to their estimates, raising corn yield from 166.9 bpa to 169.2 bpa and soybeans from 49.8 bpa to 49.9 bpa.
  • Water levels are causing transportation issues on the Illinois, Ohio and Mississippi Rivers, pushing freight values to high levels. This is causing grain handlers to “slash” basis, according to AgWeb, encouraging producers to hold grain on farm.
  • Egypt is back in the market, seeking wheat for November delivery.

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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