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Midday Update



Midday Update

·         USDA’s daily export reporting service today reported another cancellation of 6.4 million bushels of U.S. old-crop soybeans.

·         The dollar is trading just below last week’s 11-year high, on bearish economic data for much of the rest of the world.

·         Crude oil and much of the commodity sector remains under pressure as a result, with the continuous commodity index breaking below trend line support off the 2001 and 2008 lows that held it last week.

·         The Dow Jones Industrial Average is down 134 points on those economic worries.

·         Corn is fractionally lower on solid ethanol demand offset by expectations of a good South American harvest.

·         Soybeans are 17 cents lower on the above factors, including the China cancellation.

·         Wheat is 3 cents lower in Chicago, 6 cents lower in KC & 1-cent lower in Minneapolis on broader commodity selling.

·         Live cattle futures are $2.65 to $3 lower after Friday’s low gave way. Boxed beef prices are higher this morning, but movement is slow.

·         Feeder cattle futures are down $3.25 to $3.45 on a softening cash market.

·         Lean hog futures are down $2.10 to $2.60 per cwt. The cash market is down $0.50 to $1.00. Product prices are weaker again on sluggish 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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