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Midday Update

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Midday Update

·         Trade chatter emerged this morning that two, and possibly up to six, cargoes of Argentine soymeal are headed north to U.S. shores to alleviate tight supplies here.

·         The price relationship does work, suggesting that Argentine efforts to force farmers there to sell soybeans may be working to some degree, particularly at these price levels.

·         At least 16 vessels are on the docket to load soymeal at Argentine ports over the next few weeks, with six of them lacking a destination designation. Of course, any of them can be rerouted for the right price, which appears to be baked into the market.

·         Gulf bids for corn and soybeans are weakening this morning as the flow of supply from the country improves on good farm sales.

·         Tonight’s Arctic cold will put the northwestern 15% of the Southern Plains hard red winter wheat belt at risk of winterkill, although a third of the region will have some snow cover.

·         Soymeal is down $5.80 and down roughly $23 from its session high.

·         Soybeans are down 9 cents and down more than 30 cents from their session high.

·         Corn futures are up 6 cents after taking out the top of the recent trading range, but are a nickel off their high, but still supported by wheat.

·         Chicago wheat is up 15, Kansas City up 17 and Minneapolis up 15 cents as Arctic cold invades the belt.

·         Live cattle futures are 40 to 85 cents, but mostly within Tuesday’s trading range, supported by firming feeder cattle prices.

·         Feeder cattle futures are 35 to 55 cents higher on good cash demand.

·         Lean hog futures are 15 to 60 cents higher as December probes the top of its recent trading range on a stabilizing cash and product market.

 

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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