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Midday Update



Midday Update

·         USDA’s daily export reporting system today reported that China bought another 15.4 million bushels of U.S. current-year soybeans, while “unknown destinations” bought an additional 4.2 million bushels.

·         The Department of Energy reports that ethanol stocks fell to 17.9 million barrels in the week ending October 17, versus 18.4 million the previous week and 15.5 million the previous year.

·         Ethanol production increased to 896K barrels per day in the week ending October 17, versus 885K the previous week and 897K the previous year.

·         Money flow shifted out of the broader commodity sector this morning as the dollar rallied to one-week high on European Central Bank stimulus. That resulted in grain and oilseed prices coming well off their highs. However, prices strengthened again as the greenback’s rally stalled, with money flowing back into the broader commodity sector.

·         New daily trading limits will begin with the first trading session in November. They are as follows:


·         The estimated average harvest prices to date are $3.41 per bushel for corn and $9.42 for soybeans for revenue crop insurance calculations. These values will continue to change through the remainder of the October discovery period.

·         Corn futures are a penny higher and trading in the middle of today’s trading range.

·         Soybean futures are 11 cents higher, with soymeal up $6.40 per ton.

·         Wheat futures are 7 cents higher in Chicago chart-driven short-covering and planting delays, while KC is up 9 cents and MN is up 7 cents on demand for quality wheat.

·         Live cattle futures are 85 to 95 cents higher today on ideas of firmer cash trade this week. Boxed beef movement at mid-morning was strong and at firmer prices.

·         Feeder cattle futures are mostly $0.80 to $1.20 higher on strength in the fat cattle market and good cash support, although the index is off a bit from recent record highs.

·         Lean hog futures are $1.25 to $1.60 in a technical bounce today, while the cash market is another $1 to $2 lower and product prices remain in a free-fall.


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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