Home Market Market Watch Midday Update

Midday Update


Midday Update

* USDA report a private sale of 120,000 mt (4.4 million bushels) of Soybeans sold to China for the 15/16 marketing year.
* Export shipments for the week ending October 23 totaled 16.3 million bushels of corn (soft), 8.1 million bushels of grain sorghum (soft), 98.2 million bushels of soybeans (huge) and 11.7 million bushels of wheat (poor).
* Cash sources are reporting that cash soybean basis in Decatur, IL is up a nickel to +.15. Carry continues to come out of the spreads and beans in particular have moved to an inverted market. November up 3 cents over January.
* Corn prices are up 4 cents, caught between beans being down but more strength in wheat helping.
* Soybeans are currently down 8 in November and down 12 in January.
* Chicago wheat is up 16 cents, KC Wheat is up 16 cents, and Minneapolis Wheat is up 12. Rain in Texas and the delta states from the strongest hurricane on record have big concerns over washed out winter wheat acres. Small weather risk change for the Black Sea region also helping support.
* December Live Cattle are down 1.70, WHO research group saying they have some limited evidence that red meat is possibly carcinogenic and may cause some cancers.
* November Feeder Cattle are down 1.30 recovering off of lower prices and holding good levels despite WHO announcements.
* December Hogs are up .80, getting support from the 100 day moving average despite WHO research group reporting that they have enough evidence to classify processed meat as carcinogenic and causing bowel cancer.

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.

[cid:image002.png@01D10FD9.B951F110] [cid:image003.png@01D10FD9.B951F110] [cid:image004.png@01D10FD9.B951F110]

Questions or comments? Contact us at 1-866-249-2528 or waterstreet@waterstreet.orgwaterstreet@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.

The information contained in this e-mail message is intended only for the personal and confidential use of the recipient(s) named above. This message may be an attorney-client communication and/or work product and as such is privileged and confidential. If the reader of this message is not the intended recipient or an agent responsible for delivering it to the intended recipient, you are hereby notified that you have received this document in error and that any review, dissemination, distribution, or copying of this message is strictly prohibited. If you have received this communication in error, please notify us immediately by e-mail, and delete the original message. Water Street Solutions is an equal opportunity provider. Water Street Solutions is an equal opportunity employer.

Previous articleMorning Outlook
Next articleClosing Comments