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Midday Update



Midday Update

·         USDA reports the sale of another 4.3 million bushels of U.S. grain sorghum to “unknown destinations.”

·         Midwest new-crop corn bids range from $2.08 in northwestern areas to $3.91 per bushel further to the south and east, with an average of $2.86 overall.

·         Midwest new-crop soybean cash bids range from $7.83 per bushel in northwestern areas to $9.88 further south and east, with an average price of $8.77 per bushel.

·         Corn is down 4 cents on harvest pressure.

·         Soybeans are down 1-cent, but finding support from soyoil, which is firming with a higher palm oil market today.

·         Wheat is mixed.

·         Live cattle futures are mixed while waiting for direction from the cash market. Boxed beef movement at mid-morning was strong at 130 loads, but Choice cuts were sharply lower.

·         Feeder cattle are $0.65 to $1.10 higher to new contract highs on strength in the cash market and cheap corn prices.

·         October lean hogs are $1.15 higher, keeping up with the cash market, while deferred contracts are mixed. The composite pork product price is up another $1.52 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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