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Closing Comments

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Closing Comments

Federal Reserve FOMC is keeping Fed Funds in range of .25% to .50%.  The case for an interest rate hike has been increased and see 1 rate hike this year, and then 2 rate hikes in next year.  Currently see a moderate pace of economic growth.

 

Corn traded in a pretty small range of .03 today.  The market waits for any new harvest data, while the majority of the Midwest will stay very warm and make some good progress over the next week.  Gulf premiums have been picking up as of late as harvest has been moving ahead. Corn remains range bound between the 3.40 – 3.20 area for now.       

 

Soybeans reversed yesterdays’ gains with some big yields being reported in.  Export sales picked up a little this morning with some new announcements.   China bought 4.4 million bushels and Taiwan bought 4.3 million bushels for the current marketing year.  There was also another 4.6 million bushels announced to an unknown destination.  Soybeans had seen a 4 session in row rally and fell to some profit taking despite the new sales.

 

Wheat found a bid today after Egyptian government officials released a statement that said the country’s cabinet had rescinded its zero tolerance policy on a common grain fungus ergot and would move to the .05% international standard and will apply to all outstanding and future contracts.

 

Cattle markets traded higher today gaining more technical support and try to forge a longer term bottom.  Fat markets have looked a little stronger then the feeders and hope to return some profitable margins soon.   

 

Hogs were kept in check for most of the day, however the October contract did make a new low.     

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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