Home Market Market Watch Midday Update

Midday Update



Midday Update

·         Export sales for the week ending October 16 totaled 40.6 million bushels of corn, 9.2 million bushels of grain sorghum, 79.7 million bushels of soybeans and 11 million bushels of wheat.

·         62.5 million bushels of the above soybean sales went to China.

·         USDA’s daily reporting system today indicated that China bought another 4.3 million bushels of U.S. current-year soybeans.

·         The equity markets posted big gains once again this morning, with money flowing into the commodity sector as well, amplifying gains in grains responding to export demand.

·         Brazilian imports of U.S. ethanol have resumed and are expected to double to 600 million liters this marketing year due to drought that has cut the sugar cane crop short there.

·         Corn futures are up 4 cents on broad-based strength and good export demand.

·         Soybeans are up 17 cents and approaching Wednesday’s highs on strong export sales.

·         Soymeal futures are up $9.50 per ton on strong demand.

·         Wheat is up 4 cents in Chicago, mixed in Kansas City and up 3 cents in Minneapolis.

·         Live cattle futures are up 15 to 25 cents in choppy trade while waiting for cash trade. Packers started offering $162, but trade reports indicate that offers are up to $166 in Kansas now, above the $164 paid last week. Feeders have been asking $168.

·         Feeder cattle futures are $0.55 to $1.10 higher.

·         Lean hog futures are $0.55 to $1.15 lower as the cash hog market drops another $1 to $2. The product market is modestly higher after recent big losses.


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

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