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Midday Update



Midday Update

·         Updated forecasts now projected that November rainfall will be average to above for virtually all key production areas of Brazil, helping to get the soybeans and first-crop corn off to a good start.

·         The trade expects this afternoon’s USDA crop progress report to show that 60% of the corn and 81% of the soybean crops were harvested as of Sunday.

·         Unofficial average harvest option price during October was $3.49 for corn and $9.65 for soybeans.

·         Export shipments in the week ending October 30 included 16.8 million bushels of corn (poor), 5.3 million bushels of grain sorghum (good), 101.8 million bushels of soybeans (all-time record) and 7.7 million bushels of wheat (poor)

·         We saw active harvest progress across much of the Midwest over the weekend, with grain beginning to flow to town.

·         Corn futures are down 4 cents.

·         Soymeal futures are down $5, while soybeans are down 17 cents.

·         Wheat futures are modestly mixed.

·         Live cattle futures are 30 to 60 cents lower on bearish chart signals and last week’s $2 lower cash market.

·         November feeder cattle are up 15 cents but the deferred contracts are steady to 40 cents weaker on the soft fat cattle market.

·         Lean hog futures are $0.75 to $1.20 higher on technical buying. The cash market is mostly steady, to $1 lower. Product prices are soft 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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