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Midday Update

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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.

 

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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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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