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Midday Update

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Midday Update

·         The euro is falling and the dollar is rallying on reports that the European Central Bank will initiate a corporate bond-buying program in December to stimulate the Euro-zone economy.

·         Strength in the dollar has been bearish commodities, but this morning they are rallying with the equity markets on ideas that it might help push the U.S. Federal Reserve to move toward stimulus as well. The Fed meets next Tuesday and Wednesday to discuss monetary policy.

·         Slow harvest progress in central and eastern portions of the Corn Belt is allowing demand to exceed the available supply, supporting both corn and soybean prices.

·         December corn is up 5 cents, but has stayed a couple cents below last week’s high to this point.

·         Soybeans are up 11 cents, but nearly a dime off their highs after failing to test the 40-day moving average.

·         Wheat is up 8 cents on rising global demand and improving chart signals.

·         Live cattle futures are moderately mixed and well off their highs after December ran out of buying interest after probing above its previous contract high.

·         Feeder cattle futures are down $0.85 to $2 on weaker chart signals and returning softness in the fat cattle market.

·         Lean hog futures are down 25 to 50 cents. Today’s cash market is down another $1 to $3, while the product market is also down more than $3 this morning.

 

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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