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Midday Update

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Midday Update

* Export sales for the week ending October 1st totaled 20.4 million bushels of corn (adequate), 47 million bushels of soybeans (big) and 11.3 million bushels of wheat (adequate).
* Newswire are pretty quiet ahead of the October USDA crop report. Steady harvest progress and profit taking on the recent rally seeming to push prices lower today in the grains.
* Corn futures are 4 cents lower today after the December corn contract ran into resistance yesterday and looking for new information to get above 4.00.
* November soybeans are down 8 cents. The trade expects a slight upward tweak in the yield Friday, but better than a 600K acre drop in harvested area.
* Wheat prices are 6 cents lower in Chicago, 5 cents lower in KC and 3 cents lower in MN. Kansas City continues to gain on Chicago, even as traders take profits on the recent price rise.
* Live cattle futures have made it through the first resistance area on the charts and have little ways to go to next resistance. October cattle are up $1.85, while December is trading $1.52 higher.
* Feeder cattle are $1.50 to $2.75 higher on follow through strength past resistance and also have a little ways to go to get to next area (1.89 vs. October).
* Lean hog futures are 20 to 50 cents higher.

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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Aaron Hodge | Market Associate
WATER STREET ADVISORY(r) | www.waterstreet.org
(309) 680-1200 | ahodge@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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