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Midday Update

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Midday Update

·         The dollar remains modestly higher, the euro weaker, with Wall Street money generally flowing out of the broader commodity sector at midday.

·         Trade sources indicate that Informa raised its corn acreage estimate slightly to 88.8 million acres, which remains below USDA at 89.2 million, with its estimated corn yield at 166.4 bushels per acre.

·         Informa reportedly pegs soybean acreage at 86.8 million acres, up from USDA currently at 84.6 million, with its yield at 45 bushels per acre.

·         Soybean prices are inching back upward, slowly erasing this morning’s losses and approaching pivotal overhead chart resistance once again as we approach the weekend. Soybeans are currently 2 to 3 cents lower.

·         Corn futures are off their lows as soybeans firm, but are still down 5 cents as the bears gain control once again amid weakness in soybeans.

·         Wheat futures are steady in Chicago, consolidating near chart support, while Kansas City is bouncing 4 cents higher and Minneapolis 2 cents higher. Watch for late-session pre-harvest hedging going into the weekend disguised as profit taking.

·         Live cattle are bounding 55 to 65 cents this morning ahead of this afternoon’s USDA cattle-on-feed report. Cash cattle are slowly beginning to move on the Plains at $150 per cwt. Choice cuts are steady, while Select $1.06 higher in light volume.

·         Feeder cattle are 55 to 65 cents higher following the fats.

·         Lean hogs are down generally $2 lower on a breakdown in the charts, with cash mostly steady to up to 50 cents weaker in Illinois, but product prices are breaking at midday.

 

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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