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Midday Update




Midday Update

·         Exporters sold “unknown destinations” another 4.5 million bushels of U.S. new-crop soybeans over the past 24 hours.

·         Britain raised its terrorism threat level to “severe,” the second highest level, in response to possible attacks being planned in Syria and Iraq, reflecting rising global tensions going into the three-day holiday weekend.

·         Ukraine said today it will seek protection by applying for NATO membership, that would necessitate that Europe and the United States help protect it from the current Russian invasion, again raising the threat risk going into a three-day holiday weekend.

·         Soybean basis is still north of $3 above the November contract at some Midwest processors amid tight old-crop stocks.

·         Early harvest is expected to produce big yields as early as next week in the southern Midwest.

·         No corn or soybeans were posted for delivery against the September contract.

·         Corn is down 7 cents on big crop expectations.

·         September soybeans are up 11 cents, while November is down 6 cents.

·         Chicago wheat is down 10 cents, while Kansas City September is down 11, Dec down 5 on big KC deliveries.

·         August live cattle is up $1.275, but October and December are up 15 to 25 cents, waiting for cash trade to develop.

·         Feeder cattle are 25 to 75 cents higher, following the fat cattle market and on cheap corn.

·         Lean hogs are $2 to $2.85 higher in the nearby contracts on bargain hunting buying after the lead October contract broke above the 200-day moving average this morning.


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