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Morning Outlook


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Overnight Highlights

  • Overnight grain markets: Corn + ¼,  Soybeans +10, Wheat +2 ¼, Crude -.59, Gold -6.90, Dollar +.33, Dow futures +239.
  • Disappointing rainfall over Argentina and Southern Brazil over the weekend along with a more threatening forecast are influencing the market to open the week.
  • USDA announced on Friday that in October 5.28 MMT of soybeans were crushed, 1.962 MMT of DDGs were produced vs. 1.927 MMT last year, and 470.1 million bushels of corn were used for ethanol vs. 455.8 MMT last year.
  • Safras estimates Brazilian corn crop to be down this year from last, with a projected 90.52 MMT, reduced from 93.6 MMT forecast in September.
  • Commitment of Traders report with options showed managed funds: corn short 196,763 off 13,703; soybeans long 31,662 up 11,518; wheat short 122,774 up 14,109; soybean meal long 38,700 up 22,791; soybean oil long 26,398 off 21,266.  

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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