The October World Agricultural Supply and Demand Estimates report showed mixed results, JPMorgan said. Domestic corn inventories remained at record levels of 16.4% of total use projected for 2017-18; global corn inventories, however, are projected to move lower year-on-year to 18.9% in the same period from 21.4%.

The WASDE results similarly pulled each way for soybeans, according to JPM. Domestic soybean inventories are projected to remain at 9.9% of total use (previously 11%) in 2017-18 versus 7.1% a year ago. But global soy inventories are projected to be lower at 27.9% in 2017-18 versus 28.7% a year ago.

JPM said they rate seed/traits producers Monsanto (MON) and DowDuPont (DWDP) overweight; and they rate fertilizer producers Potash Corp. (POT), Agrium (AGU) and CF Industries (CF) neutral.

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