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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ¼,  Soybeans +2 ½, Wheat + ½, Crude +.92, Gold -2.10, Dollar -.02, Dow futures +35.
  • China’s soybean import pace in September was up 12.7% over last year at 8.1 MMT vs. expectations of 7 MMT. Vegoil imports were up 15% over last year.
  • China sold another 1.2 MMT of 2.105 MT offered out of their reserves.
  • China’s Ministry of Agriculture is forecasting corn imports in 2018 to decline to 1.5 MMT from 2.3 MMT in 2017. This is due to the PRC upping ethanol production to consume a large portion of their domestic reserves.
  • Thursday funds bought 12,000 corn, 22,000 soybeans, 9,000 meal, 2,000 oil. Sold 3,000 wheat.
  • USDA Weekly Export Sales Report this morning.

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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