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Midday Update

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Midday Update

·         December Soy Meal resumes its strength nearly matching its high from yesterday on continued short covering and transportation issues of getting the meal from the source (awash in meal) and to the ports (waiting to fill commitments). Pulling beans and, to a lesser degree, corn with it.

·         Smithfield in the Southeast bought 25,000 tonnes of wheat from Britain for arrival next week siting the cost of corn relative to Euro wheat and the logistics of getting the corn to the Southeast.

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

·         Ethanol profit margins rebounded on strong ethanol futures and exports.  

·         Ethanol usage as of the 24th was reported at 98.35 M Bu, up from the previous week at 94.08 but still shy of the needed per week for the USDA estimate.

·         December corn is up 4 toward the upper end of the range, bouncing between interday support at 3.65 ¾ and resistance at 3.70.

·         Soybeans are 25+ cents higher near session highs that matched yesterday’s high.

·         Soymeal up $16+ on the day, off its highs which nearly matched yesterday’s swing high.

·         Soy oil jumped on the bean complex bandwagon up more than a dollar taking out swing highs from September and October.

·         December Chicago, Kansas City and Minneapolis wheat are up 2-4 cents.

·         Cattle asking prices are up to $173 live today but packers are reluctant to pay up.

·         November feeder cattle are .65 lower on the day.

·         Lean hog futures are $1.70 lower after testing resistance four days in a row.

 

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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Dean Heffta | WIN – Director
WATER STREET SOLUTIONS® | www.waterstreet.org
(309) 680-1200 | dheffta@waterstreet.org

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