Home Market Market Watch Morning Update

Morning Update

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Overnight Highlights

  • Overnight markets have corn +3, soybeans +9, wheat +2, crude oil +.12, dollar -.04, gold -3.0 and the Dow -24.
  • Higher grains overnight on continued short covering and soybean oil higher off China demand and strong veg oil markets.
  • Trade expecting harvest progress on corn to be close to 50% compared to 54% on average and soybean harvest past 60% vs 65% on average.
  • Corn export year-to-date sales total 21.4 mln mt vs last year at this time of 11.0 mln mt.
  • Brazil soybean planting progressing well at an estimated 18% complete vs 10% on average.
  • COT report Friday showed Managed Money had covered 31k of their corn shorts, added almost 8k to their bean long and chipped off 16k from their huge wheat short.
  • NOPA crush out today. Trade estimate for Sept crush at 127.6 mln bu. vs 126.7 a year ago.
  • Friday funds were estimated buyers of 16k corn, 8k soybeans and 6k wheat.

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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