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Midday Update



Midday Update

·         Egypt bought 6.6 million bushels of French wheat this morning, bypassing Black Sea sources. U.S. wheat was known to be too high priced, considering freight costs.

·         This morning’s rally based on FSA acreage data dried up, with traders putting greater confidence in higher yields, rather than lower acreage.

·         Corn is down 2 cents on resumed concerns about high yields.

·         Soybeans are down 7 cents on big crop concerns. Weekend frost losses appear small, compared to the big crop, with Monday afternoon’s USDA crop progress data doing little to change that assumption.

·         Wheat is down 3 on heavy overseas competition.

·         Live cattle futures are $0.65 to $1.00 lower on fears that beef won’t be competitive with pork in October when retailers tend to feature the alternative meat. Beef prices were mixed this morning on slow movement.

·         Feeder cattle are modestly mixed, while the cash market continues to set new records.

·         Lean hogs are 15 cents higher in the October, but down $0.70 to $1.25 in the deferred contracts. Pork product prices were modestly higher this morning.


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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