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Closing Comments

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Closing Comments

Corn climbed higher on delayed harvest in the west and yield disappointments showing up in the eastern corn-belt as well as disease issues in some areas affecting grain quality. USDA noted yesterday that harvest progress is at 9% vs the average for the date of 12%. Trade is now looking for yield indications out of Nebraska and Iowa. Argentine corn export prices are continuing to work lower to cut into the US export sales business. On the charts, corn ran into trendline resistance at 3.42 in December and will have to prove if it can close up and through that level. December closed above the 50 day moving average for the first time since June 21st.

 

Soybeans extended their gains on stronger soy oil trade, continued demand and concern over delayed harvest start for the central and western regions. Palm oil traded to five month highs due to dry production weather provided support to soybean oil. Canola futures in Winnipeg were also higher off palm oil support, putting in their best day since June. USDA reported a daily sale to China of 11,000 tonnes. The board crush margin for soybeans continued lower today as meal couldn’t help the higher value of soy oil overcome the higher priced November soybeans however November soy futures gained on deferred months. November soybeans took out the recent 9.90 high, but were unable to close above that level. Solid resistance above the market at 10.20.

 

Wheat ground reluctantly higher in the KC and Chicago markets on continued short-covering but gains continue to be kept in check by ample supplies. Minneapolis closed lower.

 

Cattle traded lower on continued uncertainty over cash prices this week. In Oklahoma, Feeder steers and heifers traded 205 higher. Good demand for feeders, especially at heavier weights.

 

Hogs discount to the lean hog index provided some support to the trade today but plentiful supplies of heavier hogs weigh on prices. Monday’s slaughter was 22,000 more than a year ago this same period. Peoria hogs traded steady at $35.  

Closing Market Snapshot

 

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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