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Midday Update

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Midday Update

·         Russia’s Ag Minister stated today that they should look at limiting grain exports through companies registered offshore, creating more headlines about possible Russian wheat export restrictions.

·         Export corn basis continues to slide on increased farmer selling at current price levels, with soybean basis steady amid strong export and crush demand. Interior corn basis was mixed, with some processors firm, while other locations weak on increased farmer selling.

·         Export shipments for week ending December 11 (mln bu); corn (weak), grain sorghum 8.6 (good), soybeans 66.9 (solid), wheat 14.2 (routine).

·         Shipments to China in the week ending December 11 totaled 47.9 million bushels of soybeans, 16K bushels of corn and 8.4 million bushels of U.S. grain sorghum.

·         The National Oilseed Processors Association reports that its members crushed 161.211 million bushels of soybeans in November. The total compares to October NOPA crush of 157.960 million bushels and trade expectations for November of 165.404 million. I was looking for 162.4 million bushels.

·         Corn futures remain 2 cents higher in follow-through buying from Friday.

·         Soymeal is $1.30 lower on NOPA report and soybeans are 7 cents lower.

·         Chicago wheat is 13 cents higher, while Kansas City and Minneapolis are 14 cents higher on Russia export headlines.

·         Feeder cattle futures are down the $3 daily limit as the cash market breaks hard as well.

·         Live cattle futures are down 50 to 80 cents on sinking feeder cattle. Product prices are modestly firmer on routine movement this morning.

·         Lean hog futures are down $0.60 to $1.10 on weaker cash market. Cash hogs are mostly $1 lower today. Product movement is slow at midday, but the composite price is $1.24 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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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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