* USDA Reported private sale of 463,000 mt (17 mln bushels) of Soybeans to “unknown” destinations for 15/16 (420k) and 16/17 (43k) MY.
* Reuters reporting that China could buy about 50-percent less corn for state stockpiles in the 2015/16 season than the previous year as local governments offer subsidies to encourage processors to use more domestic grain, industry analysts said.
* Corn prices are down 2 cents, weak exports and overall bearish sentiment still have a hold corn.
* Soybeans are down 3 cents after trading higher early on very strong export sales and a daily announcement of more to “unknown destination.
* Chicago wheat is down 2 cents, KC Wheat is down 3 cents, and Minneapolis Wheat Is down 2. The colder shifts by recent models threaten to push wheat areas just receiving needed moisture into dormancy leaving them more vulnerable to winterkill. Based on current favored models this could encompass as much as a third of the Former Soviet Union winter wheat acreage.
* December Live Cattle are down .75, momentum still looks good for higher overall though. Deferred contracts are down .20 to .30. USDA monthly cold storage report this afternoon at 2:00 pm CDT is expected to show US frozen beef stocks at 487.0 mln lbs. and frozen poultry stockpiles are expected to at 770.0 mln lbs. at the end of September.
* November Feeder Cattle are up .70, deferred contracts are close to unchanged.
* December Hogs are down slightly at .25 lower. Frozen pork stockpiles of 684.0 mln lbs. at the end of September are expected in the monthly cold storage report.
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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