Current OPEC crude oil inventory is 8% less than the five-year average and lower than any time since before at least 1998. OPEC has never reduced crude oil production when inventory was below the five year average. If the world demand for crude oil does not decline sharply in the coming months, there will be very tight crude oil supplies very quickly.
Yesterday, November beans came within ¾ of cent of filling the July 26th breakaway gap. In an up-trending market, the bottom of any gap is major technical support. If pre-hedging pressure this afternoon does not fill that gap, the gap probably will not be filled this year.
IHS Markit latest US crop estimates:
Corn yield 172.19 vs USDA 172.5
Corn production 13.389 billion bu vs. USDA 13.944 billion
Bean yield 49.9 vs USDA 50.5
Bean production 4.327 billion bu vs USDA 4.387 billion
All Wheat yield 46.5 vs USDA 47.5
Wheat production 1.650 billion bushels vs USDA 1.783 billion