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Midday Update

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Midday Update

·         The Department of Energy reports that ethanol stocks rose to 18.8 million barrels in the week ending September 26, versus 18.6 million the previous week and 15.5 million the previous year.

·         Ethanol production dropped to 881K barrels per day in the week ending September 26, versus 889K the previous week and 875K the previous year.

·         Money is flowing out of the broader commodity and equity markets today to the relative safety of the U.S. dollar and government securities on negative global economic news, although the dollar is currently near unchanged on the day.

·         Egypt bought 4.4 of French wheat in its latest tender, reportedly at $6.56 per bushel, cost and freight.

·         Corn futures are steady to 1-cent higher on a bounce after hitting new lows this AM.

·         Soybeans are steady to mixed after setting a new contract low just above $9 this morning.

·         Wheat futures are up 2 cents in Chicago, up 1-cent in KC and down 1-cent in MN.

·         Live cattle futures are $1.25 to $1.80 higher on follow-through buying to new highs this morning on firming demand.

·         Feeder cattle are leading the way, up the $3 daily limit on strong cash demand.

·         The October lean hogs contract is down 55 to 60 cents, but deferred contracts are up $0.35 to $1.10 per cwt on higher prices for product. Today’s cash market is 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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