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Midday Update

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Midday Update

·         The dollar has rallied back strong from overnight losses while crude oil is near unchanged with a quieter trading range today.

·         The Dow Jones Industrial Average is up over 200 points on good November retail numbers.

·         Egypt’s GASC announced they bought a total of 180,000 metric tons of Russian and French wheat, showing that U.S. wheat remains relatively high priced.

·         Trade sources in Ukraine suggest temperatures are moving higher in the European part of the Black Sea and these conditions are set to last another 15 days.  Some concern for snow cover melting which could damage winter wheat crops.

·         Export sales for week ending December 4 totaled 37.9 million bushels of corn (high end of expectations), 29.8 million bushels of soybeans (low end of expectations), 16.3 million bushels of wheat (high end of expectations) and 88.9K metric tons of soymeal (low end of expectations).

·         Corn is down 1 cent and has backed off session highs after failing to find follow-through buying as it neared the Nov 13th high of $4.01 ¼ March futures.

·         The Dec soymeal is up over $7 per ton with one day of trade left before the contract goes off the board leaving upside potential for a short squeeze.

·         Soybeans are up 7 cents lead by soymeal and strong demand.

·         Wheat is up 1 cent across the board.

·         Feeder cattle have traded limit down ($3.00) on technical selling but just now bouncing off that.

·         Live cattle are up 60 cents rallying since feeder cattle have come off limit down.

·         Lean hogs are 10-30 cents higher on the day.

 

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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