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Midday Update

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Midday Update

·         Export sales for the week ending September 25 totaled 27.0 million bushels of corn, 6.0 million bushels of grain sorghum, 32.7 million bushels of soybeans and 27.2 million bushels of wheat.

·         USDA’s daily export reporting system today indicated that “unknown destinations” bought another 6.85 million bushels of U.S. corn over the past 24 hours.

·         Iran purchases between 14.7 and 16.5 million bushels of European wheat over the past five days after experiencing a short crop this year.

·         There are rumors again afloat that the EPA may finally be ready to release its 2014 biofuel blending mandates. Ethanol prices are down sharply on those rumors and sharply lower gasoline prices.

·         Commodity Weather Group raised its corn yield estimate to 176.1 bushels per acre.

·         Corn is down 1-cent as this morning’s rally was quickly sold.

·         Soybeans are hanging on to a 1-cent gain on a technical correction.

·         Wheat is up 7 cents on short-covering as the dollar drops and global prices rise.

·         Live cattle futures are 25 to 50 cents lower in profit taking. Boxed beef prices are firm this morning on good movement.

·         Feeder cattle futures gapped higher this morning on a strong cash market, with futures currently $1 to $1.70 higher.

·         Lean hog futures are quietly mixed amid firm product prices and a mostly steady cash market.

 

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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