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Midday Update

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Midday Update

·         The dollar is consolidating just below Friday’s 8-1/2 year high, while crude oil is lower, consolidating just above 5-1/2 year highs.

·         Reuters reports that DuPont Pioneer has received approval from China for the import of its stacked Plenish soy product.

·         “Unknown destinations” bought another 6.6 million bushels of U.S. current-year corn over the weekend.

·         Recent large sales have largely gone to customers like Mexico or Japan where we have a freight advantage. China is not expected to be a significant buyer at this point, but that can’t be ruled out as we get more of these sales to “unknown destinations.”

·         Reuters reports that Syngenta has received official notification of Viptera corn’s approval for import into China.

·         Export shipments in the week ending December 18 were all above trade expectations. The shipments included 31.1 million bushels of corn (routine), 6.5 million bushels of grain sorghum (strong), 82.1 million bushels of soybeans (strong) and 16.2 million bushels of wheat (routine).

·         Soymeal truck basis dropped another $5 in Frankfort and $3 in Kansas City, but rail basis bounced back $10 in Kansas City.

·         Corn futures are 1-2 cents higher on strong upfront demand, slow farmer selling and positive chart signals.

·         Soymeal captured a bid on the board in pre-holiday trade this morning, rising to one-week highs, up $5.60 per ton.

·         Soybeans are 7 cents higher on stronger meal and strong export shipments.

·         Wheat futures are mixed after overnight gains on Russia headlines have evaporated.

·         Live cattle futures are 55 to 65 cents higher on follow-through buying from Friday. Cash cattle traded Friday at $160 in Nebraska and Colorado.

·         Feeder cattle futures are 10 to 50 cents higher on cautious follow-through buying.

·         Lean hog futures are $0.45 to $1.30 lower ahead of tomorrow’s USDA quarterly hogs and pigs report that is expected to show continued expansion. Cash hogs are steady to $1 lower today. Product prices are modestly firmer 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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