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Midday Update



Midday Update

·         Export shipments in the week ending October 16 totaled 28.2 million bushels of corn, 12.1 million bushels of grain sorghum (big), 73.2 million bushels of soybeans (big) and 17.7 million bushels of wheat.

·         Weather forecast remains favorable for harvest in the Midwest next 10 days, as well as favorable for crop planting and establishment in Brazil.

·         A Bloomberg survey of trade participants found expectations that this afternoon’s USDA crop progress report will show that corn harvest was 34% completed as of Sunday, while soybean harvest was at 55% and winter wheat planting at 78%. My submitted estimates were 32, 55 & 76% respectively.

·         Corn futures are down 3 cents on harvest expectations as storage begins to fill up.

·         Soybean futures are down 12 cents on the above.

·         Wheat futures are down 3 cents on ample supplies.

·         Live cattle futures are up $2.40 to $2.90 after trading the $3 daily limit higher earlier on fund buying amid expectations of firm cash trade.

·         Feeder cattle futures up $2.35 to $2.85 on weaker corn prices and firming fat cattle futures.

·         Lean hog futures are down 35 to 65 cents in the nearby contracts while showing modest gains in the deferred. Cash prices are down another $0.50 to $1.50 today.


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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