· Mexico bought another 14.8 million bushels of U.S. corn in the past 24 hours.
· China bought another 45.4 million bushels of U.S. soybeans. The purchase is believed to be part of the token 176 million bushel agreement signed in a photo-op earlier this week and was widely expected by the trade.
· The next 10 days look open for Midwest harvest progress, with rains primarily staying west in the Plains.
· Some Midwest elevators are closing for the weekend because they are overwhelmed with wet corn to dry.
· Soybean basis is tumbling rapidly as harvest progresses northward amid big yield reports.
· The dollar remains strong – near 4-year highs set earlier this week – leading speculative funds to sell the broader commodity sector.
· Corn is down 5 on harvest pressure.
· Soybeans are down 11 on harvest pressure with basis tumbling.
· Wheat is down 10 on increased global competition and the strong dollar. Informa sees a bigger spring wheat crop.
· Live cattle futures are mixed ahead of this afternoon’s USDA cattle-on-feed report.
· Feeder cattle are 40 to 90 cents higher on strong cash market and cheaper corn.
· Lean hogs are $1 to $2.70 higher on strengthening product prices. The cash market is steady to 50 cents higher.
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.
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.
The information contained in this e-mail message is intended only for the personal and confidential use of the recipient(s) named above. This message may be an attorney-client communication and/or work product and as such is privileged and confidential. If the reader of this message is not the intended recipient or an agent responsible for delivering it to the intended recipient, you are hereby notified that you have received this document in error and that any review, dissemination, distribution, or copying of this message is strictly prohibited. If you have received this communication in error, please notify us immediately by e-mail, and delete the original message. Water Street Solutions is an equal opportunity provider. Water Street Solutions is an equal opportunity employer.