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Midday Update



Midday Update

·         USDA’s daily export reporting system today included the sale of 22.8 million bushels of U.S. soybeans to China. The sale is believed to be part of an annual purchase agreement Chinese officials signed in this week that totaled 176 million bushels, a small portion of their annual purchases, making it largely symbolic.

·         The Federal Reserve is scheduled to release a statement on monetary policy at 1 p.m. CDT today, with a press conference to follow at 1:30 p.m.

·         The Department of Energy reports that ethanol stocks rose to 18.8 million barrels in the week ending September 12, up from 18.0 million the previous week and up from 16.2 million the previous year.

·         Ethanol production rose to 931K barrels per day in week ending September 12, versus 927K the previous week and 838K the previous year.

·         Private analyst Lanworth raised its corn yield estimate to 174.5 bushels per acre, with soybeans now at 47.0 bushels.

·         Corn is down 2 cents on harvest pressure.

·         Soybeans are steady as they wait for harvest to gain momentum.

·         Wheat is 2 cents higher in Chicago on position unwinding, while KC is 1-cent lower and MN is 2 cents lower.

·         Live cattle are $0.60 to $1.20 higher in short-covering following recent losses. USDA’s cattle-on-feed report on Friday is expected to show August placements down another 4.5% from the previous year. Boxed beef movement is strong today, but Choice cuts are down $1.53.

·         Feeder cattle are $0.70 to $2.50 higher on strong cash demand.

·         Lean hog futures are down $1.10 to $1.50 on weaker product prices. Cash prices are steady to $1 higher, but still below October futures.


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


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