* Ethanol stocks declined to 18.9 million barrels in the week ending October 16, down from 19.0 million the previous week. Ethanol production rose to 951K barrels per day during the week, versus 949K barrels the previous week.
* USDA reported a private sale of 20,000 mt of Soyoil to China for the 15/16 MY and also another 20,000 mt to “unknown” destination for 15/16 MY also.
* Corn prices are up about 1 cent, front month demand pushing have bull spreads working so far today. May and July contracts are unchanged.
* Soybeans are trading 7 cents higher with bull spreading also active in this market as well. May and July are up 5 cents. More demand to China this morning in the oil. Also weekly charts are starting to turn up as well.
* Chicago wheat is up 4 cents, KC Wheat is up 5 cents, and Minneapolis Wheat is up 4. Beneficial rains are aimed right at the driest areas of the HRW belt over the next 24-36 hours and could limit gains.
* December Live Cattle are unchanged, momentum still looks strong for higher. Deferred contracts are down .20 to .30. USDA’s October 1st cattle on feed report to show on-feed at 102% of the year ago level, placements during September at 94% of year ago level and September marketings at 98% of year ago.
* November Feeder Cattle are down .72, deferred contracts a little better at unchanged.
* December Hogs are up .unchanged, of the highs a bit but momentum still positive overall.
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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