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Midday Update

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Midday Update

·         The economy created 214,000 jobs in October, down from 256,000 the previous month. The unemployment rate dropped to 5.8%, down from 5.9% the previous month, as more than a half-million people found work and better than 400,000 rejoined the work force.

·         Rail offers for soymeal were posted for the first time this week, but at up to $10 higher levels.

·         Harvest progress is expected to be active this weekend, ahead of next week’s cold, which is expected to drop a band of snow from Sioux Falls to Detroit.

·         The dollar is down modestly this morning after posting a new four-year high overnight.

·         Corn futures are down 6 cents ahead of the weekend and ahead of Monday’s USDA crop report that is expected to re-emphasize this year’s rising supplies.

·         Soymeal prices are down $7 per ton after trading nearly a $16 trading range already today. They are nearly $13 off their early highs.

·         Soybean prices are down 2 cents ahead of the weekend amid active harvest progress and ahead of Monday’s USDA crop report.

·         Wheat prices are down 8 to 10 cents, with Kansas City leading the way lower, after Iraq bought wheat from Australia and Canada.

·         Live cattle futures are modestly mixed as prices continue to consolidate in a tight range above $165 for December while waiting for direction from the cash market. Boxed beef prices are mixed.

·         Feeder cattle futures are up 55 to 80 cents on cheaper corn and renewed strength in the cash market.

·         Lean hog futures are up 65 to 95 cents on a technical bounce and on strengthening demand for cheap pork at the retail level. Cash hogs are mostly steady, while $1 higher in Iowa/Southern Minnesota. Product prices are weaker 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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