Home Market Market Watch Midday Update

Midday Update



Midday Update

·         The dollar continues to trade near 14-month highs, which is bearish for the commodity sector.

·        “unknown destinations” buys another 4.4 million bushels of this year’s soybean crop.

·        Forecast models are slowing front progression, allowing cold air to moderate before reaching the northwestern Midwest at the end of this week, reducing risk of any significant widespread damage.

·      Early harvest results continue to support bias for big corn and soybean crops getting bigger. Trade chatter focusing on final U.S. corn yields at 175 or higher, with soybeans at 48 bushels per acre or higher, based on these early yield reports.

·       Corn is down 4 cents after breaking to new contract lows this morning.

·       Soybeans are down 13 cents after breaking below support at $10 this morning on big crop expectations and a strong dollar.

·         Wheat futures are down 5 to 6 cents on broad-based weakness.

·         Live cattle futures are 50 to 60 cents higher as the futures market continues to try to catch up with the cash market.

·         Feeder cattle futures are $0.95 to $1.25 higher on strength in the fat cattle market, along with weakness in the corn market.

·         Lean hog futures are $1.75 to $2.00 higher on stronger cash and product markets.


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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