Home Market Market Watch Midday Update

Midday Update

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Midday Update

·         Export shipments in the  week ending October 2 included 34.8 million bushels of corn, 6.2 million bushels of grain sorghum, 35.8 million bushels of soybeans and 23.9 million bushels of wheat.

·         USDA’s daily export sales reporting system today included a sale of 8.3 million bushels of U.S. corn to “unknown destinations.”

·         Grain and oilseed markets found support today on short-covering ahead of Friday’s USDA crop report.

·         Early indications suggest that the trade expects about a 3 bushel increase in corn yields to be more than offset by a decrease in acreage, dropping ending stocks below 2 billion bushels. We do not concur with this belief.

·         Early indications are that the trade is expecting about a half-bushel increase in the soybean yield on Friday.

·         Additional support comes from wet weather delaying harvest progress.

·         Boxed beef prices surged higher this morning, with Choice up $2.13 and Select up $3.10 per cwt.

·         Corn futures are up 7 and at their session highs on short-covering.

·         Soybeans are up 25 and at the top of the day’s trading range as well.

·         Wheat is up 5, 6 and 7 cents respectively in Chicago, Kansas City and Minneapolis.

·         Live cattle futures are up 15 to 45 cents, largely consolidating inside Friday’s trading range.

·         Feeder cattle are down $1.35 to $1.45 per cwt on higher corn prices.

·         Lean hog futures are up $0.95 to $1.65; trading their recent range in sideways action. Product prices were mixed, with the composite price down 15 cents this morning.

 

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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