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Midday Update

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Midday Update

·         The Federal Reserve Open Market Committee is expected to release its updated monetary policy statement at 1 p.m. CST today, followed by a p press conference with Chair Janet Yellen at 1:30 p.m.

·         Wall Street has priced in expectations that the Fed will remove “considerable time” from its statement about keeping interest rates near zero.

·         The Department of Energy reports that ethanol stocks slipped to 17.7 million barrels in the week ending December 12, versus 17.8 million the previous week and 15.6 million the previous year.

·         Ethanol production hit a record 990K barrels per day in the week ending December 12, versus 988K the previous week and 928K the previous year.

·         Winterkill risk is rising for northwestern 15% of Plains hard red winter wheat belt Christmas weekend.

·         Corn futures are steady to firm after trading both sides of unchanged in choppy trade.

·         Soybeans are up 3 cents and soymeal is up $2.40 per ton on firm upfront demand.

·         Wheat futures are up 3 in Chicago and 7 cents in Kansas City and Minneapolis on continued speculation about Russia limiting exports.

·         Feeder cattle are down the $3 daily limit once again today, with synthetic trade suggesting that value is near or just below $208.

·         Live cattle locked the $3 daily limit lower, but have now begun to trade, with contracts $2.00 to $2.60 lower. Light trade occurred at $157 in Kansas this morning, down from mostly $162 to $164 last week. Boxed beef movement is good on mixed prices.

·         Lean hog futures are down $1.00 to $1.30, well off their lows as fat cattle trade resumes. Cash hogs are mostly $0.50 to $1 lower, with some weaker on ample supplies. Product prices are down again this morning, but on good 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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