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Midday Update

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Midday Update

·        Export sales in the week ending September 11 total 26 million bushels of corn (adequate), 13.1 million bushels of grain sorghum (huge), 53.9 million bushels of soybeans (large) and 11.6 million bushels of wheat (disappointing).

·         Beef and pork export sales were surprisingly strong in the week ending September 11, despite a strong U.S. dollar.

·        The dollar broke from four-year highs this morning in profit taking as global traders monitor the results of Scotland’s independence vote.

·         USDA’s daily export reporting system today included another sale of 4 million bushels of U.S. soybeans to China.

·         Both corn and soybean yields to date remain quite impressive, with the weather favoring an increased pace over the next couple of weeks.

·       Corn is down 2, threatening to test the contract low 4 cents below it.

·        Soybeans are down 9 and threatening to test the contract low 4 cents below.

·         Wheat is down 7 in Chicago, down 9 in KC & MN; all have set new contract lows.

·         <![endif]>Live cattle futures are down $1.95 to $2.30 on panic selling once again on demand fears. Boxed beef movement is good this morning, but Choice cuts continue to drop in price.

·       Feeder cattle are down mostly $1.15 to $1.60 on a weak fat cattle market.

·       Lean hog futures are down $2.20 to $2.85 on a flat cash market. Product prices are 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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