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Midday Update

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Midday Update

·         Export sales for week ending January 1 totaled (mln bu); corn 15.3 old- & 8.3 new-crop; grain sorghum 7.2; soybeans 33.5, wheat 8.3.

·         USDA’s daily export reporting system today included notice that China bought another 4.3 million bushels of U.S. old-crop soybeans in the past 24 hours.

·         Egypt bought 6.6 million bushels of French wheat this morning, taking advantage of both the cheap euro and freight advantage offered by France.

·         Farm Futures’ survey of 1,650 producers revealed intentions to plant 88.5 million acres of corn this year, down from 90.9 million in 2014 and 88.3 million acres of soybeans, up from 84.2 million in 2014.

·         Today is the first of five days expected to feature index fund portfolio rebalancing, which typically most impacts trade in the opening and closing minutes of pit trade.

·         Corn futures are 1-cent lower in quiet trade.

·         Soybeans are 5 cents lower, while soymeal is $5 lower as the South American harvest approaches.

·         Wheat futures are 7 to 8 cents lower trying to get competitive on the global market again.

·         Live cattle futures are modestly mixed as traders brace for index fund rebalancing. Boxed beef movement was routine this morning, but prices were sharply higher.

·         Feeder cattle are trading up to $2.70 higher on strong demand at the sale barn.

·         Lean hog futures are $0.35 to $1.05 lower on weak fundamentals. Product prices are stable once again today, with the cash market mostly steady, to up to $1 lower in Illinois.

 

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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