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Midday Update

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Midday Update

·         Dollar is sharply lower, down from new 5-1/2 year highs overnight, following a benign European Central Bank report. Next up is tomorrow morning’s U.S. monthly jobs report.

·         Money flow into the broader commodity sector is weak despite sharply lower dollar.

·         Stats Canada all-wheat production came in 54 million bushels above trade expectations.

·         Export sales for week ending November 27 totaled 46.1 million bushels of corn (marketing year high), 15.5 million bushels of grain sorghum (big), 43.4 million bushels of soybeans (solid), 11.5 million bushels of wheat (poor) and 226.8K metric tons of soymeal (strong).

·         USDA attaché in China commented on the resourcefulness of China feed mills in importing alternatives to China’s high-priced corn, including U.S. grain sorghum, Ukrainian corn and Australian barley.

·         Corn futures are up 5 on strong exports and after holding key chart support yesterday, but gains limited by overhead chart resistance and favorable South American weather.

·         Soymeal futures are up $3.40 per ton on export demand, with soybeans up 7, but both are limited on weak overall chart signals and ideal growing conditions south of the equator.

·         Wheat futures are down 2 in Chicago, down 5 in Kansas City and down 3 in Minneapolis.

·         Live cattle futures are modestly mixed this morning, trading inside Wednesday’s trading range while waiting for better direction from the cash market. Boxed beef movement was routine on weaker prices.

·         January feeder cattle are up $1.475 per cwt on record high cash index, which is trading roughly $8 above the lead futures contract.

·         Lean hogs are modestly mixed. Cash hogs are steady to $0.50 lower once again. Product prices are steady on routine movement.

 

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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