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Morning Update

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Overnight Highlights

  • Overnight markets have corn -1 ½, soybeans -4, wheat -1, crude oil -.04, dollar +.02, gold -1.0 and the Dow -14.
  • Grain markets lower overnight along with the general commodity complex on continued positioning ahead of the election and Wednesday’s USDA crop production report. 
  • Yesterday’s weekly export report saw huge corn and soybean numbers but wheat sales came in below expectations.
  • Crude oil has seen one of its biggest weekly losses in 10 months. While Citigroup says Russia and OPEC are likely to reach a deal to reduce crude production, price action suggest investors think otherwise.
  • Equity markets continue to trade with weakness on anxiety over the upcoming presidential election. Only two trading days until the election.
  • Financial markets will be watching today’s payroll numbers. Economists expect employers added 173,000 jobs in October.
  • For Wednesday’s USDA report, analysts are expecting a corn yield of 173.2 bpa vs the October 173.4. In soybeans average analyst guess came in at 52.0 bpa vs October’s USDA 51.4 bpa yield.

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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