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Midday Update



Midday Update

·         Export sales for the week ending October 2 totaled 30.9 million bushels of corn, 2.6 million bushels of grain sorghum, 33.9 million bushels of soybeans and 13.7 million bushels of wheat.

·         Recent rally had priced U.S. wheat off the market.

·         Focus shifts back to abundant world wheat supplies as French terminals refuse delivery due to a lack of room.

·         Export data revealed that we’ve already sold 50% of USDA’s target for soymeal shipments for the 2014-15 marketing year that just began October 1 amid Argentina’s problems. Typical for this point is 24%.

·         Some models call for widespread good rains in dry areas of Brazil in the 11- to 15-day period, while other models call for ongoing hot, dry conditions.

·         Dollar was sharply lower overnight, but it has reversed higher, resulting in money flow reversing to flow out of the broader commodity and equity markets.

·         Corn is up 2 cents on harvest delays and expectations USDA may significantly cut acreage tomorrow.

·         Soybeans are up 6 cents on harvest delays, strong export demand and Brazil dryness.

·         Wheat is down 14 cents after pricing itself out of the global market.

·         Live cattle futures are $1.00 to $1.20 higher on strong cash ideas, along with strengthening product market. Boxed beef movement is strong again this morning, with prices firmer as well.

·         Feeder cattle futures are following the fat cattle market to new highs, up $2.20 to $2.60 on the day on strong cash demand.

·         Lean hogs are trying to break out of the recent trading range again on fund buying, although prices are well off their highs. Contracts are currently $0.95 to $1.35 higher. Product movement is slow this morning on weaker prices.


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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