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Midday Update

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Midday Update

·         November soybean options expire today, with large open interest at the $10 strike price making things interesting to close out the week.

·         USDA’s daily export reporting system today included the sale of 4 million bushels of U.S. current-year corn to “unknown destinations.”

·         The dollar is weaker this morning, yet fund managers are selling the broader commodity complex, favoring a shift to the equity markets.

·         Corn futures are down 5 cents, falling back below chart resistance at $3.60.

·         Soybean futures are down 9 cents after rallying above the $10 strike price overnight ahead of option expiration.

·         Wheat futures are down 2 cents in Chicago, 4 cents in KC and mixed in MN on general commodity weakness.

·         October live cattle futures are a nickel higher after cash cattle traded at $170 per cwt on a live basis late Thursday, while the deferred contracts are down 40 to 70 cents in profit taking ahead of the weekend. Boxed beef prices were weaker on heavy movement at mid-morning.

·         Feeder cattle futures are down $1.32 for the expiring October contract and down 10 to 30 cents for the deferred contracts on weakness in the fat cattle market. Support comes from weaker corn prices.

·         Lean hog futures are 25 to 85 cents lower on weaker cash hogs, which are generally $0.50 to $1 lower. The composite pork product price is down another $2.34 per cwt 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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