Home Market Market Watch Midday Update

Midday Update

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Midday Update

· The USDA daily reporting system showed a private sale of 132,000 mt (4.9 million bushels) of Soybeans sold to China for the 15/16 marketing year.
· For the first time since 1996 when “mad cow” disease was discovered in the European Union, the EU is now ready to resume beef exports to Canada. Nineteen EU members have been cleared out of the 27 member group.
· Ukraine Ag Minister said the drought this fall could push winter wheat plantings down to as low as 5.5 mln hectares off -700,000 ha from initial forecasts and that yields could also suffer.
· Corn is currently up 1-2 cents, harvest pressure continues ahead of the forecasted rains.
· Soybeans are up 1-2 cents, higher early with another soybean sale to China.
· Chicago wheat is unchanged, Kansas City Wheat is down ½ cent, Minneapolis is up 1, KC and Minneapolis trying to hold support. Markets are keeping an eye on world weather for rain relief in the dry areas of Australia, Ukraine and the US plains.
· December cattle are up 1.00 and leading the way, seemed to pick up a little steam with strong breakaway yesterday and grains coming off the highs of the day. Deferred contracts are up about .20 to .30.
· October feeders are down 1.10, working their way down and trying to fill the gap left on the charts from yesterday
· December Lean Hogs are up 2.75, found the support area needed yesterday and following through today while making a new high since mid-June.

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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