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Midday Update

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Midday Update

·         Export sales for the week ending December 11 totaled 27.5 million bushels of corn (soft), 25.6 million old- & 12.9 million new-crop soybeans (weak), 5.8 million bushels of grain sorghum (good) and 18.7 million bushels of wheat (good)

·         USDA’s daily export reporting system today indicated that exporters sold 4.2 million bushels of hard red winter wheat (3.3 million next year) to Mexico, 55 million bushels of next year’s crop to China and 5 million bushels of this year’s corn to “unknown destinations.”

·         USDA projects 2015 corn acres at 88.0 million, down 2.9 million from this year. Soybeans are pegged at 84.0 million, down 0.2 million, while wheat is at 56.0 million, down 0.8 million from this year. Keep in mind that these are estimates from economists sitting in a D.C. office without input from farmers.

·         Based on the above, USDA economists project 2015-16 ending stocks at 1.733 billion bushels of corn, 519 million bushels of soybeans and 700 million bushels of wheat.

·         Rail soymeal bids are down $20 to $30 across much of the Midwest today.

·         Corn futures remain 2 cents higher on follow-through chart strength and strong upfront demand.

·         Soybean futures are up 2 cents and soymeal up $3.80 on strong upfront demand.

·         Wheat futures are up 5 cents, while Chicago is up 1 and Minneapolis is up 2 cents.

·         Live cattle futures are bounding $1.50 to $1.65 as feeder cattle see relief from expanded limits today. Boxed beef prices are mixed on 90 loads at mid-morning.

·         Feeder cattle are down $1.575 in the January, but are higher April thru September following big swings today, but at least trade is occurring.

·         Lean hogs are up $1.15 to $1.55 as the cattle complex firms, allowing traders to square some positions ahead of Tuesday’s USDA quarterly hogs and pigs report amid an oversold market. Cash hogs are $1 to $2 lower. Product prices are weaker as well.

 

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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