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Midday Update

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Midday Update

·         Bloomberg News first to report the US EPA will abandon 2014 biofuel(RFS) mandate rule-making, and instead, will release standards for 2014, 2015, and 2016 at some point next year.  EPA will also have a press conference at 11am today to discuss the status of the biofuel mandate.

·         Argentina’s government weekly crop progress report shows 36% planted of the soybean crop has been planted, last year was at 44% during this week.  Corn planting progress at 42% complete, vs. 44% last year.

·         USDA daily reporting system showed a private sale of 5.12 million bushels of corn sold to unknown destination.

·         Cattle on feed and cold storage report at 2:00pm ct today.  Estimates on feed as of Nov 1st 100% vs. 99% previous.  Placements during October at 96% vs 101% previous.  Marketings in October 93% vs. 99% previous.

·         Corn futures are up 3 cents, Fundamentals still bearish longer term and charts have a lot of work to do to change trend.

·         Soybeans are down 3 cents, with soymeal down $2.60. Soy oil up .29, Big range today and way off of highs.  Soymeal lower on the day is pulling beans back down.

·         Wheat futures are up 4 in Chicago, up 2 in Kansas City and up 3 cents in Minneapolis.  Held up by corn market so far. Fundamentals still bearish longer term.

·         Live cattle futures are down 40 cents in the nearby and up 70 to 90 in the deferred contracts after April this morning.  Strength looking ahead to Cattle on feed report.

·         Feeder cattle futures are .40 to .60 cents higher.  Moving higher following Live cattle.

·         Lean hog futures are $.20 lower to $.50 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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Aaron Hodge | Market Associate
WATER STREET ADVISORY® | www.waterstreet.org
(309) 680-1200 | ahodge@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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