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Midday Update

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Midday Update

·         Export shipments in the week ending September 18 totaled 40.1 million bushels of corn (good), 5.0 million bushels of grain sorghum (good), 17.2 million bushels of soybeans (good) and 18.6 million bushels of wheat (routine).

·         The dollar posted a new 4-year high this morning, adding pressure to the broader commodity sector.

·         Basis continues to break as corn and soybean harvest advances.

·         Just one significant rain event is expected across the Midwest over the next two weeks, with no significant freeze threat through mid-October.

·         Corn is down 4 cents on the above.

·         Soybean futures are down 22 cents after gapping lower on the charts overnight.

·         Wheat futures are down 3 cents in Chicago after being dragged lower by the above factors. KC is down 4, while MN is down 1.

·         Live cattle futures are down 35 to 55 cents on chart weakness and high carcass weights, although product prices were firmer this morning.

·         Feeder cattle futures are generally 20 to 75 cents lower, but well off their lows and just below record highs as traders balance weak fat cattle prices with strong demand on the cash market for feeder cattle.

·         Lean hog futures are firming, up $0.50 to $1.00 on firmer product prices, while the cash market is mostly steady again today.

 

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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