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Midday Update



Midday Update

·         USDA’s daily export reporting system today noted that China bought another 4.4 million bushels of U.S. current-year soybeans, while “unknown destinations” bought another 4.1 million.

·         Actual export shipments to all destinations in the week ending October 23 totaled 27.7 million bushels of corn, 6.5 million bushels of grain sorghum, 80.7 million bushels of soybeans (big) and 7.8 million bushels of wheat (poor)

·         Argentina’s problems continue to support strong soymeal demand, with December meal currently up $14.30 per ton and above the 200-day moving average.

·         Strength in meal has soybeans up 12 cents.

·         Corn futures are up 6 cents

·         Wheat futures are up 5 cents in Chicago, but Kansas City is only up 2, leading to doubts about the rally’s sustainability.

·         Live cattle futures are $1.45 to $1.70 higher on follow-through strength from last week’s strong cash market. Boxed beef prices are strong this morning, while movement is routine.

·         Feeder cattle futures are mostly $1.00 to $1.50 higher following the fat cattle market.

·         Lean hog futures are down 30 cents in the December, but steady to 55 cents higher in the deferred contracts. Cash hogs are $1 to $3 lower, but product prices are rebounding 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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