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Midday Update



Midday Update

·         USDA is forecasting US net farm income at $96.9 billion this year, that would be a drop of -21% from 2013 and lowest level since 2010

·         News wires pretty quiet today, and light volume in the grain contracts thus far.

·         Soymeal leading the soy complex higher again.  First notice day for all December grain contracts start on Friday.

·         Corn futures are up 5 cents, Corn looks to be following the strength in the wheat markets.

·         Soybeans are up 15 cents, with soymeal up $12.50. Soy oil up .26, Soymeal back in charge so far for today.

·         Wheat futures are up 8 in Chicago, up 14 in Kansas City and up 10 cents in Minneapolis.  Cold weather forecasts have turned wheat for higher.

·         Live cattle futures are up 40 cents in the nearby and down 70 to 90 in the deferred contract.  Feeders still leading the way for direction and the live cattle have been following.

·         Feeder cattle futures are 1.40 to 1.60 cents lower.  Some follow through following yesterday’s limit down day.

·         Lean hog futures are $.20 lower to $.80 lower.  Up early in the trading session, but turned lower when cattle were at their lows.


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

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