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Midday Update



Midday Update

·         Export shipments for the week ending October 9 totaled 36.8 million bushels of corn, 5.1 million bushels of grain sorghum, 52.5 million bushels of soybeans and 15.6 million bushels of wheat.

·         USDA is scheduled to release its weekly crop progress report at 3 p.m. CDT today. A Reuters’ survey reveals trade expectations that corn and soybean condition ratings will be stable. The trade expects corn harvest to reach 25%, while soybean harvest reaches 31%, with winter wheat planting at 69%. I look for corn & soybean harvest to be at 24 & 28% respectively.

·         The National Oilseed Processors Association is scheduled to release September crush data Wednesday at 11 a.m. CDT. The trade expects September NOPA crush to come in at 107.6 million bushels. My submitted estimate was 108.7 million bushels.

·         Showers linger in north-central and eastern areas of the Midwest, but the pattern is shifting much drier, with only limited interruptions, but much of the rest of the month.

·         Many fund managers are simply trading chart signals as they seek to gain understanding of this year’s fundamentals.

·         Corn futures are up 1-cent after pulling back from the 50-day moving average.

·         November soybeans are up 1 and 24 cents off their session high after prices reached a speculative chart objective near $9.70 per bushel.

·         Wheat is down 3 cents in Chicago on increased competition amid a stronger dollar, while KC & MN are steady to 1-cent higher.

·         Live cattle futures are $1.80 to $2.30 higher on resumed profit taking amid rising global economic concerns. Boxed beef movement is routine this morning, but prices continue to advance.

·         Feeder cattle are leading the way lower after chart support gave way, despite a surge in the cash index to new record highs. The lead October contract is down $2.30, while many of the deferred contracts are locked the $3 daily limit lower.

·         October lean hogs are modestly higher on expiration day, while the deferred contracts are 25 to 70 cents lower and testing the bottom of their recent trading range. The cash market remains steady, while the composite product price is down nearly $2.


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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