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Midday Update



Midday Update

·         The dollar is down sharply in a bearish outside trading day lower on profit taking, allowing crude oil to bounce more than $2 from Friday’s close and roughly $4.50 from overnight 5-year lows.

·         USDA’s daily export reporting system today revealed that “unknown destinations” bought another 5 million bushels of U.S. current-year corn.

·         Trade chatter continues about a possible move by Russia to limit wheat exports, but SovEcon does not believe that the government will take steps to limit exports, but rather show that it can do so if needed.

·         Export shipments in the week ending November 27 totaled 29.3 million bushels of corn (weak), 6.4 million bushels of grain sorghum (good), 67.9 million bushels of soybeans (strong, but sliding to 7-week low) & 10 million bushels of wheat (poor).

·         Soymeal strength is waning again this morning, falling below Friday’s low as export business begins to shift south to Argentina.

·         Corn futures are down 2 cents, but 7 cents off the session low as the dollar weakens.

·         Soymeal is down $4.60 per ton, while soybeans are down 2 cents.

·         Wheat futures are up 13 cents in both Chicago and Kansas City and up 10 cents in Minneapolis.

·         Live cattle futures are $0.85 to $1.00 lower in follow-through chart weakness. Boxed beef movement is sluggish at just 26 loads as of mid-morning.

·         Feeder cattle futures are $0.50 to $1.00 higher on cheaper corn and bargain buying.

·         Lean hog futures are modestly mixed. The composite pork product price is up $1.39 per cwt, but on very thin volume at midday of just 85 loads.


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

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