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Midday Update

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Midday Update

·         USDA’s daily export reporting system today indicated that China bought another 4.1 million bushels of current-year soybeans, although 1.9 million of the purchase was merely a shift from a previous sale to “unknown destinations.”

·         Export shipments in the week ending November 13 totaled 15.8 million bushels of corn (weak), 7.0 million bushels of grain sorghum (all to China), 114.4 million bushels of soybeans (record) and 5.1 million bushels of wheat (poor).

·         NOPA soybean crush in October reached 157.96 million bushels, up from 99.97 million the previous month and above trade expectations of 150.8 million. Water Street had one of the closest pre-report estimates at 155.7 million bushels.

·         The trade expects USDA’s weekly crop progress report this afternoon to show 87% of the corn crop harvested, 95% of soybeans harvested, 96% of winter wheat planted and winter wheat ratings down slightly at 59% Good to Excellent.

·         Corn futures are 4 cents lower on big crop focus and weak export demand at current prices.

·         Soybean futures are up 6 on big export and crush demand.

·         Soymeal is mixed as traders try to figure out whether the NOPA numbers are bullish or bearish.

·         Wheat is 7 cents lower on ample supplies as cold weather headlines disappear.

·         Live cattle futures made new highs this morning on strong cash trade at $170 to $172 per cwt on a live basis Friday afternoon, but prices are now up just 5 to 35 cents in the nearby and weaker in the deferred. Boxed beef prices are strong this AM.

·         Feeder cattle futures are down 25 cents for November, but up 40 to 70 cents in the deferred.

·         Lean hog futures are mixed 30 to 40 cents on either side of unchanged. The cash market is steady to 50 cents higher. Pork product prices are steady to firm.

 

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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