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Midday Update

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Midday Update

·         “Unknown destinations buys another 4 million bushels of next year’s soybean crop.

·         Wheat is trading headlines once again, with writers again focusing on speculation that Russia may take steps to curb exports, even as exporters cut prices to garner more business.

·         Gulf corn basis slipped to a fresh two-month low amid a surge in farmer selling amid weak export demand at current prices.

·         Corn futures are up 6 cents on chart-driven trade amid some talk of Ukraine not meeting obligations, China accepting DDGS and a possible reduction in acreage in January.

·         Soybeans are down 3 cents amid a $16 drop in the expiring soymeal contract suggesting no squeeze in the protein market.

·         Wheat is up 11 to 12 cents and back to trading headlines about possible Russian export restrictions, even as grain traders their cut prices once again to increase shipments.

·         Live cattle futures are modestly mixed after failing to see follow-through interest in a break below the 100-day moving average for February. A few cattle traded in Kansas and Texas yesterday at $164, down another $3 to $4 on the week. Boxed beef prices are down $1 to $2 on routine movement.

·         Feeder cattle futures are again down the $3 daily limit lower as the cash market begins to break.

·         Lean hog futures are mixed to modestly weaker on cash hogs, which are mostly steady to $1 lower, with Ohio hogs up to $2 weaker. Product movement is slow this morning, but the composite price is up $1.13 per cwt.

 

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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