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Midday Update

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Midday Update

·         The dollar continues to trade near 14-month highs, which is bearish for the commodity sector.

·        “unknown destinations” buys another 4.4 million bushels of this year’s soybean crop.

·        Forecast models are slowing front progression, allowing cold air to moderate before reaching the northwestern Midwest at the end of this week, reducing risk of any significant widespread damage.

·      Early harvest results continue to support bias for big corn and soybean crops getting bigger. Trade chatter focusing on final U.S. corn yields at 175 or higher, with soybeans at 48 bushels per acre or higher, based on these early yield reports.

·       Corn is down 4 cents after breaking to new contract lows this morning.

·       Soybeans are down 13 cents after breaking below support at $10 this morning on big crop expectations and a strong dollar.

·         Wheat futures are down 5 to 6 cents on broad-based weakness.

·         Live cattle futures are 50 to 60 cents higher as the futures market continues to try to catch up with the cash market.

·         Feeder cattle futures are $0.95 to $1.25 higher on strength in the fat cattle market, along with weakness in the corn market.

·         Lean hog futures are $1.75 to $2.00 higher on stronger cash and product markets.

 

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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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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