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Midday Update



Midday Update

·       Department of Energy reports that ethanol stocks rose to 18.0 million barrels in the week ending September 5, versus 17.7 million the previous week and 16.3 million the previous year.

·         Ethanol production jumped to 927K barrels per day in the week ending September 5, up from 921K barrels the previous week and up from 848K barrels per day in the same week last year.

·         The dollar remains near 14-month highs, although below Tuesday’s highs.

·         Modest short-covering is firming corn, soybean prices ahead of tomorrow’s USDA crop report.

·        Corn is up 2 cents on pre-report positioning.

·        Soybeans are up 5 cents on pre-report positioning.

·         Wheat is down 6 cents on expectations of stronger global production data tomorrow.

·         Live cattle futures are 50 to 70 cents lower on profit taking after reaching new highs earlier in the session.

·         Feeder cattle have reversed lower in profit taking, despite a record high cash index, after traders got cold feet at new highs. Futures are down $1.60 to $2.25 per cwt.

·         October lean hogs are up $0.85 on strength in the cash market, while the deferred contracts are $0.80 to $2.20 lower on profit taking and general weakness in the meat sector.


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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