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Midday Update



Midday Update

·         January soybean charts show bearish head and shoulders formation projecting much lower prices.

·         South American weather forecasts look very favorable over the next couple weeks.

·         March corn tests, but has not yet violated, neckline of bearish head and shoulders formation.

·         Egyptian tender revealed that U.S. soft red wheat was bid 78 cents above Ukrainian offers, 76 cents above wheat offered from France and 61 cents above Russian offers.

·         The Egyptian tender revealed that Russia continues to offer wheat on the export market.

·         Wheat sales were good on the recent rally, but corn and soybean sales have slowed even more as prices break.

·         Trade rumors of cash cattle trading in Iowa at $168 to a major packer, down $2 from last week in that region.

·         Mexico bought 7.7 million bushels of U.S. current-year corn in the past 24 hours.

·         Ethanol stocks rose to 17.3 million barrels in the week ending November 28, up from 17.1 million the previous week. Ethanol production dropped to 962K barrels per day during the week, down from a record 982K the previous week.

·         Corn futures are 1 to 2 cents lower as crude oil produces a small bounce and after prices bounced off chart support overnight.

·         Soymeal is down $5.50 per ton, while soybeans are down 6 cents.

·         Wheat prices are down 10 cents in Chicago and KC and MN is down 9 cents.

·         Live cattle futures are down $1.90 to $2.20 on cheaper cash trade rumors.

·         Feeder cattle are down $1.45 to $2.65 per cwt on weaker fat cattle.

·         Lean hog futures are down $0.60 to $1.60, with the greatest weakness in the deferred contracts as traders remove the PED virus premium from the deferred contracts.


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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