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Midday Update

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Midday Update

·         USDA reported private sale of 235,000 MT of Soybeans (8.6 million bushels) sold to China for the 14/15 MY.  USDA reported private sale of 174,000 MT of Soy Meal sold to Thailand for the 15-16 MY.  USDA reported private sale of 116,000 MT of Sorghum sold to "unknown" destination for the 14/15 MY.

·         USDA weekly corn inspections: 529,801 MT tons vs. expected 700,000

·         USDA weekly soybean inspections: 2,784,913 MT tons vs. expected 2.55 million MT.

·         USDA weekly wheat inspections: 447,353 MT tons vs. expected 300,000.

·         Corn futures are down 3 cents, Poor close on Friday and lack of supportive news over weekend contributing to follow through weakness thus far.

·         Soybeans are down 10 cents, with soymeal down $1.00. Soy oil up .29, Better than expected inspections helping support soybeans, good weather in South America putting weight on the soy complex.

·         Wheat futures are up 1 in Chicago, up 1-2 in Kansas City and up 1 cents in Minneapolis.  Colder weather in forecasts and light snow cover overall giving some support so far along with some better than expected inspections.

·         Live cattle futures are down 50 cents after barely making a new high in the December contract but backing off now.  Cash trade set a record on Friday, but cattle on feed report was bearish. 

·         Feeder cattle futures are 1.40 to 1.60 cents lower.  Feeders have not been as strong as the fat cattle lately and starting to lead lower.

·         Lean hog futures are $.40 lower to $1.20 higher, follow through from the cold storage report being viewed as bullish because of strong out movement in product in the month of October.

 

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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