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Midday Update



Midday Update

·         USDA’s daily export reporting system today included another sale of 3.7 million bushels of U.S. soybeans current-year soybeans to “unknown destinations.”

·         Reuters reports that a ship is to load 1.7 million bushels of French feed wheat for delivery to the United States. It would be the first large French wheat shipment to the 12 years. France’s storage is full of cheap low-quality wheat this year that it must move.

·         Broad-based selling is seen in the grain and oilseed complex as traders focus on favorable South American weather and soft demand for corn and wheat.

·         Corn futures are 5 cents lower and grinding lower on poor exports and big supplies.

·         Soymeal is down $5.80 per ton, while soybeans are down 13 cents on a renewed focus on rising supplies and favorable South American weather.

·         Wheat is down 5 cents in Chicago and Kansas City as French wheat moves this way, while Minneapolis is down 8 cents.

·         Live cattle futures are 30 to 40 cents weaker as traders pull back from Monday’s gains while waiting for greater clarity from the cash market. Boxed beef movement was good at 102 loads at mid-morning. Choice cuts were down $0.02, while Select cuts were up $1.33 per cwt.

·         Feeder cattle futures are down 45 to 75 cents on weakness in the fat cattle market and the cash feeder cattle index.

·         Lean hog futures are down $1.55 to $1.80 after traders recognized the big premium in the futures to a stagnant cash market. Both the cash index and the product market are weaker this morning. The cash market is mostly steady today, although the Iowa/Southern Minnesota market is $0.50 to $1.00 higher.


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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