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Midday Update

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Midday Update

·         The dollar is modestly higher following yesterday’s hawkish statement from the Fed, followed by this morning’s Commerce Department report that gross domestic product grew by 3.5% in the third quarter, down from 4.6% in the second quarter.

·         Export sales for the week ending October 23 were 21.0 million bushels of corn, 4.5 million bushels of grain sorghum, 48.7 million bushels of soybeans and 16.9 million bushels of wheat.

·         USDA’s daily export sales reporting system today included the sale of 4.85 million bushels of soybeans to China and 4.4 million bushels of grain sorghum to “unknown destinations.”

·         December soymeal started to see profit taking pull on prices just below its contract high double-top of $411.40, with losses amplified by CME Group’s increase in margin requirements.

·         Corn and soybean deliveries are increasing on this week’s rally.

·         Rail logistics remain a problem for delivering soymeal to export terminals amid this year’s early strong demand.

·         Corn futures are fractionally lower.

·         Soymeal is down $9.20 per ton, while soybeans are down 11 cents on profit taking.

·         Wheat is up 4 cents in Chicago, up 2 cents in KC and up 1-cent in MN.

·         Live cattle futures are steady to 20 cents higher. Boxed beef prices are mostly steady.

·         Feeder cattle futures are mixed.

·         Lean hog futures are down $1.50 to $2.10 after support at $88 gave way for the December contract. Cash hogs are steady to $1 lower and the composite pork product price is down $1.45 per cwt.

 

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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