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Midday Update



Midday Update

<![if !supportLists]>·         <![endif]>Egypt bought 4.4 million bushels of wheat from France and Romania. No U.S. wheat was even offered in the tender.

<![if !supportLists]>·         <![endif]>Allendale pegs the corn crop at 171.9 bushels per acre and soybeans at 46.4 bushels.

<![if !supportLists]>·         <![endif]>Lanworth puts the corn crop at 173.7 bushels per acre, with soybeans at 46.7 bushels.

<![if !supportLists]>·         <![endif]>USDA will update its production estimates, along with revised supply and demand balance sheets, next week on September 11.

<![if !supportLists]>·         <![endif]>December corn broke to new contract lows, down 10 cents now, on the growing realization that this year’s crop is big.

<![if !supportLists]>·         <![endif]>Soybeans are down 18 cents at new contract lows on those same big crop realizations.

<![if !supportLists]>·         <![endif]>Wheat traded to contract lows as well, down 17 in Chicago, down 14 in KC & down 12 in MIN.

<![if !supportLists]>·         <![endif]>Live cattle futures are $0.55 to $1.65 higher on ideas that we will see firmer cash trade this week.

<![if !supportLists]>·         <![endif]>Feeder cattle are largely $1.10 to $1.60 higher on cheaper corn and stronger fat cattle prices.

<![if !supportLists]>·         <![endif]>October lean hogs are $1 higher on a similar move in the cash market, while the deferred contracts are $0.40 to $1.10 lower on profit taking. Product prices are weaker this morning, but on good movement.


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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