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Midday Update


Midday Update

* At midday corn is unchanged, soybeans +3, Chicago wheat -9, KC wheat -5, Minneapolis wheat -3, Dec cattle +1.000, Dec hogs +2.000.
* Wheat weighing on corn today because of the beneficial moisture being received from recent storms in the western grain belt. Also slight improvement in condition ratings for wheat from the following week have been contributing to the break.
* News overnight that the US Gulf fob corn has become the world’s cheapest major origin of Supply. Ukraine fob corn basis has soared to 75-80 over. Brazil is only offering corn for December and in limited quantities. Argentine fob corn offers are drying up for January and February meaning the US corn export interest/demand will start to expand.
* Top executive at Monsanto, Brett Begemman, suggested the company expects 2016 corn seed price increases only in low single digit gains, similar to their plans last year at planting time. He also said plans for soybean pricing will be released at a later date.

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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