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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn +1 ¼,  Soybeans +1, Wheat + ¾, Crude -.66, Gold +5.60, Dollar -.13, Dow futures -105.
  • Changes to the RFS, which would have included a potential reduction of biodiesel requirements and a proposal to allow exported renewable fuel to count toward domestic quotas, seem to currently be off the table between the EPA and the Trump Administration.
  • Egypt’s GASC is back in for wheat for Dec shipment, likely to be sourced from the Black Sea region.
  • China’s hog herd is down 0.8% Jan-Sept compared to last year, while production is up 0.7%. This is due to the government’s efforts to reduce pollution.
  • Wednesday funds sold 5,000 corn, 3,000 wheat, 2,000 oil. Bought 1,000 meal. Soybeans even.
  • 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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