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Midday Update

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Midday Update

·         USDA’s daily export reporting system today included a sale of 4.6 million bushels of U.S. corn to “unknown destinations” and 4.8 million bushels of U.S. soybeans, also to “unknown destinations.”

·         The midday GFS model came in similar to very slightly cooler than this morning’s model run for the coldest areas of the northwestern Midwest tomorrow morning.

·         Today is the final trading day for September grain and oilseed futures contracts.

·         Greece had its credit rating upgraded to “B” by Standard and Poor’s this morning.

·         The dollar is weaker this morning, but still near 14-mongh highs.

·         Corn is down 3 cents on big crop expectations.

·         Soybeans are modestly mixed as big crop expectations are put on hold while traders wait to see tomorrow morning’s low temperatures in the northwestern Midwest.

·         Chicago wheat is down 8, KC is down 11 and MN is down 12 in follow-through selling that started in Europe on big supplies overnight.

·         Live cattle futures are down $0.50 to $0.80 on follow-through selling and thoughts that this week’s cash trade may be weaker.

·         Feeder cattle futures are 25 to 70 cents weaker on softness in the fat cattle market despite a strong cash market setting new record highs.

·         Lean hog futures are down $0.85 to $1.20 on Thursday’s bearish reversal and weaker product prices, with the cash market mostly steady today.

 

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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Arlan Suderman | Senior Market Analyst
WATER STREET ADVISORY® | www.waterstreet.org
(316) 729-4599 | asuderman@waterstreet.org

 

Past performance is not indicative of future results. The information contained in this report is intended for informational purposes only and is the opinion of the writer and may change at any time. This information was compiled from sources believed to be reliable but accuracy cannot be and is not guaranteed. There is no warranty, expressed or implied, in regards to this information for any particular purpose. There is SIGNIFICANT RISK involved in trading futures and or options on futures and may not be suitable for all investors. Investors should consider these RISKS and evaluate their suitability based on their financial conditions. No one should ever consider trading futures or options on futures with anything other than RISK CAPITAL. This information is provided freely and is NOT in the capacity of a trading advisor. NO LIABILITY on the part of the author exists for any trading loss you may incur in the use of this information. Information provided is not to be construed as an offer to sell or solicitation to buy any commodity or security named herein.

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