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Midday Update



Midday Update

·         Export sales for the week ending October 30 totaled 18.8 million bushels of corn (weak), 7.1million bushels of grain sorghum (strong), 59.3 million bushels of soybeans (strong) and 9.8 million bushels of wheat (poor).

·         Actual soymeal shipments in the week ending October 30 were strong at 307.6K metric tons, but net new sales were negative 123.6K tons on a cancellation of 306.8K tons by “unknown destinations.

·         The grain and oilseed complex rallied back into positive territory, with soymeal and soybeans posting double-digit gains as the dollar pulled back from overnight strength, but prices are easing back now as the dollar makes new four-year highs.

·         The dollar is surging higher as the European Central Bank meets to discuss monetary policy as the Euro-zone moves closer to recession and on comments made this morning by the ECB president about risks to the region.

·         Corn is 1-cent higher on the above.

·         Soymeal is $11.30 per ton higher on the above.

·         Soybeans are 10 cents higher.

·         Wheat is down 3 cents on poor exports and the strong dollar.

·         Live cattle futures are 80 to 90 cents higher, with December riding along above support at $165 while waiting for cash to provide direction.

·         Feeder cattle futures are following, with futures $0.70 to $1.00 higher.

·         Lean hog futures are 15 to 45 cents higher on a technical bounce. The cash market is mostly steady, with product prices 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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