Home Market Market Watch Midday Update

Midday Update


Midday Update

* At midday, corn is +6, soybeans are +3, Chicago wheat is +7, KC wheat is +9, Minneapolis wheat is +4, Jan feeders +1.200, Feb fat cattle +2.200, Feb hogs -.150.
* USDA export sales for corn were 43.3 mln bushels (strong), soybeans were 53.3 mln bushels (strong), and wheat at 8.3 mln bushels (weak). Also, sold another 120k mt (4.4mln) to unknown destination.
* Export sales giving some underlying support in corn and beans, seems to be more short covering rally overall though. Possible record warm temperatures in the forecast giving some concerns to a lack of building some insulation in Russia, where temperatures could turn much cold after, helping wheat.
* Cattle markets also seeing short covering, also trying to build in a support area for technicals.
* Poll of economists ahead of next week’s two day Fed FOMC policy meeting shows 97% expect the Fed to raise interest rates.

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