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Midday Update



Midday Update

·         The dollar has been very strong this morning, although modestly off its highs, but that has not had a significant influence on money flow either in or out of the broader commodity complex, allowing grain traders to focus on their own fundamentals.

·         Soybean basis offers are reportedly falling sharply at Midwest river terminals amid poor shipping conditions and a significant increase in farmer sales.

·         The strength in corn prices is said to be stimulating interest among farmers with grain to sell, but movement remains slow yet at this point.

·         Corn futures are up 5 cents on the sharp drop in crop ratings in the eastern Midwest.

·         Soybean futures are down 6 on profit taking and increased farmer sales as prices tested the 200-day moving average, but thus far the market is holding relatively well.

·         Wheat futures are up 8 cent for all three exchanges in follow-through short-covering amid ideas that the harvest low may already be behind us.

·         Live cattle futures are mostly 25 to 60 cents weaker on ideas that we will see steady cash this week. Choice cuts are up $0.91 this morning, while Select cuts are down $0.28 per cwt.

·         Feeder cattle are mostly 60 to 90 cents lower on weakness in the fat cattle market and strength in corn.

·         Lean hogs are modestly mixed this morning in consolidation ahead of Friday’s USDA quarterly hogs and pigs report. Product prices are down again this morning, but cash hogs are mostly steady.


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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