Home Market Market Watch Midday Update

Midday Update



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

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