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Midday Update

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Midday Update

·         China is believed to be injecting 200 billion yuan ($32.66 billion) into 6 banks to stimulate its economy and increase demand for commodities.

·         “Unknown destinations bought another 5 million bushels of U.S. corn over the past 24 hours.

·         Export sales for the week ending October 9 totaled 95.8 million bushels of corn, 2.1 million bushels of grain sorghum, 34.5 million bushels of soybeans and 18.2 million bushels of wheat.

·         The large corn total included a previously known sale of 42.2 million bushels of this year’s crop to Mexico, along with 20.1 million bushels of next year’s crop.

·         The dollar reversed higher about the time that the export sales data was released due to comments made by Federal Reserve Chair Janet Yellen.

·         Money flow reversed to exit the broader commodity complex as the dollar turned on Yellen’s comments.

·         Weather forecasts remain favorable for active harvest progress in the Midwest for much of the next two weeks.

·         Sea surface temperatures off the coast of northern Brazil are becoming more conducive to a wetter pattern for currently dry areas of the corn/soybean belt, supporting a shift in forecasts in that direction.

·         Informa estimates that U.S. farmers will plant 87.8 million acres of corn in 2015, down from 90.9 million in the current year. It sees soybean acreage at 88.5 million, up from 84.2 million in the current year.

·         Corn futures are down 3 cents on the above factors.

·         Soybean futures are down 9 cents on the above.

·         Wheat futures are up 3 cents on positive chart signals that are encouraging short-covering, while KC is up 1 and MN is mixed in follow-through buying.

·         Live cattle futures are down $0.95 to $1.20 in consolidation trade. Boxed beef prices are soft in slow trade.

·         Feeder cattle are down the $3 daily limit on renewed liquidation pressures as the cash index shows signs of near-term topping action.

·         December lean hog futures are down 40 cents, while the deferred contracts are bouncing higher on chart-related trading after an early rally dried up at the 200-day moving average.

 

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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