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Midday Update



Midday Update

·         USDA reported that export sales in the week ending November 6 totaled 19.9 million bushels of corn (weak), 13.7 million bushels of grain sorghum (strong), 39.5 million bushels of soybeans (soft) and 15.3 million bushels of wheat (soft).

·         Net soymeal sales for the week ending November 6 were just 21.3K as “unknown destinations” cancelled another 172.1K metric tons.

·         USDA’s daily export reporting service today indicated that a previous sale of 6.6 million bushels of U.S. soybeans to “unknown destinations” had been switched to a sale to China.

·         Informa put both corn and soybean 2015 acreage at 88.3 million. The corn number is down 560K from its previous estimate, while the soybean estimate is down 190K.

·         Corn basis is mostly steady to firmer in the Midwest today, while soybean basis is slowly eroding on modest increased farmer sales.

·         Corn futures are down 2 cents,

·         Soybeans are down 14 cents, with soymeal down $7.90; both are coming off their lows.

·         Wheat futures are up 7 in Chicago, up 5 in Kansas City and up 6 cents in Minneapolis.

·         Live cattle futures are down 10 to 30 cents after February posted a fresh contract high of $171.425 this morning.

·         Feeder cattle futures are steady to 60 cents higher.

·         Lean hog futures are $1.25 to $1.60 higher in bull spreading on positive chart signals. Cash hogs are steady, while product prices are slightly higher in slow trade 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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