Home Market Market Watch Midday Update

Midday Update

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Midday Update

·         First notice day for delivery against the November soybean contract is Friday.

·         Soybean open interest is down nearly 105K contracts (524 million bushels) in the past six trading sessions, falling 72, 657 contracts in Friday’s trade alone. Most of this was due to option open interest, but trend is still lower.

·         Corn open interest is down 21,214 contracts over the past four trading sessions.

·         Historically, it’s been very difficult to sustain a rally with declining open interest.

·         Some ethanol plants are pushing basis 1 to 5 cents to encourage producer sales, but a big processer in Blair, Nebraska dropped its bid 10 cents yesterday as supplies arrive.

·         Showers are stalling harvest progress again today in eastern Midwest, while progress is active further west.

·         December corn is up 4 cents and in the middle of today’s trading range.

·         Soybeans are 2 cents higher and 26 cents off session highs.

·         Soymeal is unchanged after being $23 higher earlier in the session.

·         Chicago and Kansas City wheat are both up 6 cents.

·         Live cattle futures are moderately mixed in quiet trade. Boxed beef prices are sharply higher again this morning.

·         November feeder cattle are $1 lower, while most other contracts are showing more modest losses.

·         Lean hog futures are $0.80 to $1.10 higher in technical trade. The cash market is steady to $2 lower, although some markets were as much as $5 lower. Product prices were sharply lower again.

 

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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