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Midday Update

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Midday Update

·         The Dow Jones Industrial Average has been quite volatile this morning; down as many as 200 points, but wide price swings as the market ebbs and flows with the latest swing of emotions. It is now down 65 points.

·         James Bullard, president of the St. Louis Federal Reserve bank, stated that the Fed may not end its current quantitative easing program at the end of this month as previously expected.

·         The dollar is moving lower, erasing this morning’s early gains on the above.

·         Dallas County, Texas may declare a state of emergency today due to the Ebola problem, keeping Wall Street focused on the fear side of the emotional roller coaster.

·         “Unknown destinations” bought another 4.7 million bushels of U.S. corn over the past 24 hours.

·         The Department of Energy reports that ethanol stocks dropped to 18.4 million barrels in the week ending October 10, versus 18.7 million the previous week and 15.4 million the previous year.

·         Ethanol production dropped to 885K barrels per day in the week ending October 10, versus 901K the previous week and 869K the previous year.

·         Midwest corn basis is down 2 to 5 cents as processors today, while soybean bids are mostly steady to firm.

·         Very limited rainfall is expected over the Midwest the rest the month.

·         Corn futures are up 3 cents after taking out Wednesday’s lows overnight as the dollar declines.

·         Soybean futures are up 8 cents after extending Wednesday’s losses overnight.

·         Wheat futures are up 9 in Chicago, 10 cents in KC and 11 cents in Minneapolis on rumors of Brazilian business for hard wheat and positive chart signals.

·         Live cattle are $1.30 to $1.40 higher on Wednesday’s strong cash trade of mostly $164 per cwt on a live basis and $258 on a dressed basis.

·         Feeder cattle are $1.40 to $1.80 higher, bouncing from losses of the past few days, led by strong cash demand for light-weight cattle.

·         Lean hog futures are down $1.45 to $2.20 on follow-through chart-related selling with the cash market steady to $2 lower.

 

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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