Home Market Market Watch Midday Update

Midday Update

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Midday Update

·         Trade volume remains thin ahead of today’s early Noon CST close for the Christmas break.

·         Trade rumors are circulating today that Russia’s export duty would be lower than first reported, which may allow some wheat to keep flowing. Changes to export duty are not expected for another 30 days.

·         Ethanol stocks slipped to 17.6 million barrels in the week ending December 19, down from 17.7 million the previous week, but up from 15.7 million the previous year.

·         Ethanol production reached a new record 992K barrels per day in week ending December 19, versus 990K the previous week and 926K the previous year.

·         Packers started the bid at $159, but quickly pushed it to $162 per cwt on a live basis, which began to buy cattle in Kansas this morning. Last week’s trade started at $157 in Kansas, followed by $160 in Colorado and Nebraska.

·         Cash hogs are mostly steady, but packers generally have their needs met, with trade quiet.

·         Corn futures are 3 cents lower on lower soybeans and wheat & a modest increase in farmer selling.

·         Soybean futures are down 7 cents on the approach of South America’s big harvest.

·         Wheat futures are down 13 cents in Chicago, down 12 cents in Kansas City and down 9 cents in Minneapolis on the Russia news.

·         Live cattle futures are 20 to 90 cents higher in the nearby contracts on better-than-expected cash cattle trade, while deferred contracts are weaker.

·         Feeder cattle futures are 30 to 70 cents weaker in follow-through selling amid weak demand at the sale barns.

·         Nearby lean hog futures are 10 to 25 cents lower following yesterday’s bearish hogs and pigs report, while the deferred contracts are modestly higher in corrective trade.

 

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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