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Midday Update

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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

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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