Home Market Market Watch Midday Update

Midday Update



Midday Update

·         The dollar is still sharply lower, but off its lows a bit after holding above Friday’s low.

·         We are seeing a modest increase in money flow into the commodity sector this morning, but very modest and lacking conviction.

·         Corn, soybean and grain sorghum average harvest prices for revenue insurance are set during the month of October. Average prices thus far are $3.33 for corn, $9.30 for soybeans and $3.22 for grain sorghum.

·         USDA is closed for Columbus Day, pushing export inspection and weekly crop progress reports back to tomorrow.

·         Bargain hunting started overnight in the corn and soybean markets as the dollar fell. Buying accelerated this morning after the gains held in early trade, with harvest halted the next several days due to wet weather.

·         The forecast looks wide open for harvest once we get past the next couple days of rain.

·         Corn futures are up 8 on the above.

·         Soybean futures are up 12 on the above.

·         Wheat is up 4 in Chicago, up 7 in KC and up 6 in MN as the food grain continues to attempt to carve out a broad bottom.

·         Live cattle futures are up $1.15 to $140 per cwt on follow-through buying after Friday’s strong cash trade. Boxed beef prices are firmer again this morning on solid movement for a Monday.

·         Feeder cattle futures are 15 to 70 cents higher, but coming off their highs on strength in the corn market.

·         Lean hog futures are 30 cents lower for October, but 50 to 65 cents higher for deferred contracts in mostly range-bound trade. The cash market is steady once again, with product prices weaker.


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

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