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Midday Update |
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· USDA’s daily export reporting system today revealed that Mexico bought 58.2 million bushels of U.S. corn in the past 24 hours; 38.4 million bushels of this year’s crop and 19.8 million bushels of the 2015-16 crop. · Continued strength in the dollar on U.S. & global economic concerns continued to stimulate selling in both the broader commodity and equity markets, although the trend has been moderating somewhat over the past hour. · Egypt bought 6.4 million bushels of wheat from France & Russia this morning. No U.S. wheat was offered, with export slots largely committed to soybean and corn shipments over the next several months. · USDA’s October crop report added more fuel to this fall’s volatile markets. The results are as follows:
· Corn futures are down 1 cent in volatile trade. · Soybeans are down 1-cent in volatile trade. · Wheat is up 10 cents on smaller stocks. · Live cattle are down $1.25 to $2.80 on follow-through selling from Thursday’s reversal. Cash cattle trade is occurring at $164 to $165 in the Plains. · Feeder cattle are largely down the $3 daily limit on profit taking and follow-through selling. · Lean hogs are down $1.25 to $1.30 on broad-based selling and another failure to sustain a move above the recent trading range. |
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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 |
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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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