Home Market Market Watch Midday Update

Midday Update



Midday Update

<![if !supportLists]>·         <![endif]>Export shipments for the week ending August 28 totaled 34.4 million bushels of corn, 6.2 million bushels of grain sorghum, 1.4 million bushels of soybeans and 28.4 million bushels of wheat.

<![if !supportLists]>·         <![endif]>The dollar remains near 13-month highs, capping interest in the commodity sector.

<![if !supportLists]>·         <![endif]>The trade is looking for a small reduction in spring wheat ratings this afternoon, while corn and soybean ratings remain unchanged. I’m looking for another modest increase in corn and decrease in soybeans.

<![if !supportLists]>·         <![endif]>Good rains fell across many dry areas of the Plains winter wheat belt over the weekend.

<![if !supportLists]>·         <![endif]>December corn bounced off chart support at $3.62 overnight, but dropped lower again after failing to even come close to testing first overhead resistance at $3.69.

<![if !supportLists]>·         <![endif]>Early corn and soybean yields from the South and southwestern Midwest overall have been very good.

<![if !supportLists]>·         <![endif]>Corn is fractionally lower in range-bound trade.

<![if !supportLists]>·         <![endif]>Soybeans are 11 cents higher in technical trade after holding contract lows overnight and on tight near-term supplies amid strong new-crop demand ahead of harvest.

<![if !supportLists]>·         <![endif]>Wheat is down 7 cents in Chicago and Minneapolis and down 9 cents in Kansas City as the pre-weekend Ukraine risk premium is removed and amid good rains for planting the 2015 crop in dry areas of the Plains.

<![if !supportLists]>·         <![endif]>Live cattle futures are $1.45 to $1.70 higher in follow-through buying after firmer cash last week and strong movement for boxed beef this morning at firmer prices. August is off the board, so October is trying to catch up to the cash market.

<![if !supportLists]>·         <![endif]>Feeder cattle are $1.50 to $2.35 higher on strength in the fat cattle market combined with cheap corn.

<![if !supportLists]>·         <![endif]>Lean hog prices are $1.00 to $1.75 higher bottom-picking amid signs the cash market is stabilizing. Product prices were modestly weaker 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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