Home Market Market Watch Midday Update

Midday Update

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Midday Update

·         Export shipments for the week ending November 6 total 20.4 million bushels of corn (poor), 2.4 million bushels of grain sorghum, 91.2 million bushels of soybeans (strong) and 11.1 million bushels of wheat (weak).

·         USDA’s daily export reporting system today reports that Mexico bought another 5.1 million bushels of current-year corn.

·         Improving moisture moved Brazil soybean planting progress to 46%, up 29 points on the week, but still below the five-year average for the week of 61%.

·         USDA released its November crop report at 11 a.m. CST this morning. Key numbers relative to trade expectations were as follows:

U.S. Yields & Production

2014-15

2014-15

Corn

Soybeans

Corn

Soybeans

Yield in bushels per acre

Production in billions of bushels

USDA November 10

173.4

47.5

14.407

3.958

    Pre-Report Estimates

Average Trade Estimate

175.233

47.608

14.551

3.967

Highest Trade Estimate

178.600

48.700

14.842

4.064

Lowest Trade Estimate

171.400

46.800

14.242

3.903

Previous USDA Estimate

174.200

47.100

14.475

3.927

Water Street Solutions

176.000

48.000

14.626

4.003

 

U.S. Ending Stocks

2014-15

Wheat

Corn

Soybeans

billions of bushels

USDA November Report

0.644

2.008

0.450

Average Trade Estimate

0.660

2.135

0.442

Highest Trade Estimate

0.682

2.282

0.513

Lowest Trade Estimate

0.634

1.850

0.403

Previous USDA Estimate

0.654

2.081

0.450

Water Street Solutions

0.659

2.227

0.403

 

·         Corn futures are up 4 cents and very similar to pre-report levels.

·         Soybean futures are down 3 in a sell the rally mentality, now looking to good South American weather.

·         Wheat futures are down a penny on a buy the rumor sell the fact trade.

·         Live cattle futures are up 50 to 65 cents on chart-related buying. Boxed beef prices are higher in slow trade.

·         Feeder cattle futures are up $0.70 to $1.15 on positive chart signals and renewed demand at the sale barn.

·         Lean hog futures are $1 higher, but at the top of its recent primary trading range. Pork product prices are soft this morning, while cash hogs are steady.

 

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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