Closing Comments

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Closing Comments

Corn

Note: I will be off for the next week, returning January 5. Daily commentar=
y will be covered by advisory staff. Best wishes and have a great New Year.=
Sincerely, Arlan

Ethanol production continues at a record pace, necessitating more than 105 =
million bushels of corn per week. That pace is expected to slow in the firs=
t quarter of 2014 as margins drop, but for now it is holding strong. Ethano=
l prices finished the week on a strong note, more than 15 cents above gasol=
ine prices. Export demand and livestock usage add another 130 to 140 millio=
n bushels of demand.

Meanwhile, farmer selling remains slow. We are seeing modest selling pick u=
p on rally days, with an increasing number of locations pulling offers abov=
e $4.00 per bushel. As such, demand continues to be greater than the availa=
ble supply, providing support for corn basis, and therefore corn futures, w=
ith positive chart signals to boot.

Sustaining that strength may prove difficult early next year if soybean fut=
ures break hard due to an approaching harvest in South America that at this=
point looks massive. That prospect is already tempering gains in the corn =
pit, which would otherwise likely see larger gains. Corn garnered some supp=
ort from unwinding spreads with wheat to close out the week, but the primar=
y focus going forward will likely be on whether soybeans can hold up in the=
face of the South American harvest.

Thin trade volume amplified gains to close out the week, along with corn/wh=
eat spread unwinding. However, the lead March contract held below its Decem=
ber 23 high of $4.1575. The March contract has resistance at $4.20, and aga=
in between $4.23 and $4.26.

Soybeans

The soybean complex took advantage of thin holiday trade volume to close ou=
t the week to post impressive gains at times. Support came from several are=
as, allowing a seasonal bounce for the first trading day following Christma=
s, after a contra-seasonal sell-off on the last trading day prior to Christ=
mas.

The worst flooding in decades is threatening palm oil production in Malaysi=
a, pushing palm oil prices to one-month highs. That in turn supported stren=
gth in alternative soyoil prices, with gains amplified by thin holiday trad=
ing.

Strength in soyoil combined with chart-buying in soymeal to support strengt=
h in soybeans as well. Soybeans bounced off an area of chart support to ral=
ly upward to the $10.40 strike price to close out the week. That strike was=
attractive to traders holding January options ahead of expiration.

Positive momentum carried the January contract all the way to $10.45, where=
it encountered trend line resistance off the November and December highs. =
The contract probed above that level in the final minutes of trade, finishi=
ng the week just above it. However, the soon-to-be-leading March contract r=
emained inside the wedge, leaving the question unanswered on the direction =
that this market will go. A probe to the topside can’t be ruled out in thin=
holiday trade, but the longer-term risk would appear to be to the downside=
as long as crop prospects look impressive in South America.

Wheat

Researchers at Kansas State University announced that they have identified =
a gene that can increase wheat tolerance to heat during grain fill. Early w=
ork with the gene suggests that yields could be boosted by 35% once impleme=
nted. However, that is more of a long-term story for the food grain.

Wheat traders are beginning to move past the Russia story as more informati=
on emerges to clarify export restrictions. Bloomberg reports that the wheat=
export duty probably will not be implemented until February 1. This seemed=
to be confirmed when Egypt’s supply minister stated that Russia had assure=
d him that it would honor contracts to deliver 4.4 million bushels of wheat=
in January.

Furthermore, it appears that the export duty will be smaller than previousl=
y believed. Bloomberg reports that sources in Russia put the rate at 15% of=
the shipment’s value plus 7.5 euros, for a minimum of 35 euros. That curre=
ntly translates into $1.16 per bushel when converted.

Additional support comes from forecasts for bitter Arctic cold to pour down=
into the Plains hard red winter wheat belt in the coming week. Readings co=
uld drop to -20 to -30=B0F in Montana, with temperatures in the single digi=
ts to double-digits below zero in parts of Nebraska, Colorado and northwest=
Kansas. Commodity Weather Group notes a variety of views from different mo=
dels that could drop damaging temperatures over anywhere from 30 to 60% of =
the Plains hard red winter wheat belt, depending on actual intensity and du=
ration of the cold.

Yet, traders remained skeptical, particularly as snow fell across areas exp=
ected to see the coldest readings. Traditionally, rallies are difficult to =
sustain based on weather threats at this time of year, as damage will be ha=
rd to document before February or March. However, prices moves can also bec=
ome exaggerated in thin holiday trade, which will likely remain with us thr=
ough the coming week. In fact, wheat had the most lethargic close to the we=
ek in the grain complex, with little clear direction in thin holiday volume=
.

Beef

Wednesday’s cash cattle trade was impressive. Trade volume was large, sugge=
sting that packers had a greater need to acquire cattle than most had antic=
ipated. Prices were impressive, with trade at mostly $162 per cwt on a live=
basis, up from $157 to $160 the previous week, with some cattle trading fo=
r $164 in Nebraska and $259 on a dressed basis.

That cash trade provided support for live cattle futures to close out the w=
eek, but all the focus was on the feeder cattle market to start trade on Fr=
iday. Trade volume was very thin, apparently allowing a few players who wer=
e giving up on the market to get out. The thin volume allowed feeder future=
s to briefly touch the newly expanded $4.50 per cwt daily limit lower.

Fortunately, feeder futures didn’t lock there and slowly began to recover l=
ate morning. Most sale barns are closed for the two week period through the=
end of the month due to the Christmas and New Year’s holidays, but overall=
demand appears soft due to the recent break in fat cattle prices amid firm=
ing corn prices. The latest CME cash index came in at $225.03 per cwt, down=
$19.96 per cwt from its December 2 record high.

Stabilizing feeder cattle futures allowed the fat cattle market to firm aga=
in on strength in the cash market just ahead of Christmas. Additional suppo=
rt came from forecasts of bitter Arctic air expected to plunge through the =
Plains feedlot region over the coming week, with coldest readings seen on N=
ew Year’s Eve. The fat cattle market led the feeder cattle market back into=
positive territory for most contracts.

Product movement Wednesday, dropped to 148 loads, down from 199 loads the p=
revious day and down from 204 loads the previous week. Choice cuts were up =
$1.34 to $243.94 per cwt, while Select cuts were up $1.93 to $233.19. That =
dropped the Choice/Select spread to $10.75 per cwt, down from $11.34 the pr=
evious day and down from $11.28 the previous week. Movement at mid-morning =
today was extremely slow at just 30 loads, but at again firmer prices. Choi=
ce cuts were up $0.67, while Select cuts were up $2.72 per cwt, dropping th=
e Choice/Select spread to $8.70 per cwt.

Pork

The lean hog futures market spent most of the week trading between $80 and =
$82 per cwt. Tuesday’s USDA quarterly hogs and pigs report confirmed that t=
he industry is effectively managing the PED virus problem, with expansion a=
bit better than expected. Monday’s cold storage report showed that total p=
ork supplies in the freezer were dropping, but virtually all of the decline=
came from strong demand for Christmas hams, with supplies for other cuts r=
ising.

Meanwhile, the cash market continues to grind lower. Producers are pulling =
hogs forward fearing even lower prices. Packer margins near $18 per head pr=
ovide incentive for packers to work at capacity, but they’re having no prob=
lems obtaining the hogs. Slaughter numbers continue to trend higher, althou=
gh the Christmas break certainly pulled back on numbers this week.

The latest CME cash index came in at $80.59, down $0.96 on the day and down=
$5.36 on the week. It was the 10th consecutive trading day with a lower in=
dex, with losses over that period totaling $7.92 per cwt. February lean hog=
s have good support at $80, but that is contingent on see the cash market s=
tabilize, which necessitates a rebound in product demand.

Product movement on December 23 was 349 loads, down from 413 loads the prev=
ious day and down from 545 loads the previous week. However, prices did sta=
bilize. The composite pork product price came in at $87.39 per cwt, up $0.4=
6 on the day. Movement at midday today came in at a mere 72 loads. The comp=
osite pork product price was down $0.25 to $87.14 in thin trade.

Closing Market Snapshot

All opinions expressed in this commentary are solely those of Water Street =
Advisory. This data and these comments are provided for information purpose=
s only and are not intended to be used for specific trading strategies. Alt=
hough all information is believed to be reliable, we cannot guarantee its a=
ccuracy or completeness. There is significant risk of loss involved in comm=
odity futures and options trading and may not be suitable for all investors=
.

www.waterstreet.org
or 1-866-249-2528

Arlan Suderman | Senior Market Analyst
WATER STREET ADVISORY=AE | www.waterstreet.org
(316) 729-4599 | asuderman@waterstreet.org

Past performance is not indicative of future results. The information conta=
ined 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 comp=
iled 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 a=
ll investors. Investors should consider these RISKS and evaluate their suit=
ability based on their financial conditions. No one should ever consider tr=
ading 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 los=
s 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 o=
r security named herein.

The information contained in this e-mail message is intended only for the p=
ersonal and confidential use of the recipient(s) named above. This message =
may be an attorney-client communication and/or work product and as such is =
privileged and confidential. If the reader of this message is not the inten=
ded recipient or an agent responsible for delivering it to the intended rec=
ipient, you are hereby notified that you have received this document in err=
or and that any review, dissemination, distribution, or copying of this mes=
sage is strictly prohibited. If you have received this communication in err=
or, please notify us immediately by e-mail, and delete the original message=
. Water Street Solutions is an equal opportunity provider. Water Street Sol=
utions is an equal opportunity employer.

–_000_0859060fbc4040aab50d74bcfdd1f94dPeo1Exch2abslocal_
Content-Type: text/html; charset=”iso-8859-1″
Content-Transfer-Encoding: quoted-printable







3D"cid:image009.jpg@01CE6CE4.660D8B30"


Closing Comments


Corn


Note:=
I will be off for the next week, returning January 5. Daily commentary wil=
l be covered by advisory staff. Best wishes and have a great New Year.&nbsp=
; Sincerely, Arlan


Ethanol production continues at a record pace, =
necessitating more than 105 million bushels of corn per week. That pace is =
expected to slow in the first quarter of 2014
as margins drop, but for now it is holding strong. Ethanol prices finished=
the week on a strong note, more than 15 cents above gasoline prices. Expor=
t demand and livestock usage add another 130 to 140 million bushels of dema=
nd.


Meanwhile, farmer selling remains slow. We are =
seeing modest selling pick up on rally days, with an increasing number of l=
ocations pulling offers above $4.00 per bushel.
As such, demand continues to be greater than the available supply, providi=
ng support for corn basis, and therefore corn futures, with positive chart =
signals to boot.


Sustaining that strength may prove difficult ea=
rly next year if soybean futures break hard due to an approaching harvest i=
n South America that at this point looks massive.
That prospect is already tempering gains in the corn pit, which would othe=
rwise likely see larger gains. Corn garnered some support from unwinding sp=
reads with wheat to close out the week, but the primary focus going forward=
will likely be on whether soybeans
can hold up in the face of the South American harvest.
<= /p>


Thin trade volume amplified gains to close out =
the week, along with corn/wheat spread unwinding. However, the lead March c=
ontract held below its December 23 high of $4.1575.
The March contract has resistance at $4.20, and again between $4.23 and $4=
.26.


Soybeans


The soybean complex took advantage of thin holi=
day trade volume to close out the week to post impressive gains at times. S=
upport came from several areas, allowing a seasonal
bounce for the first trading day following Christmas, after a contra-seaso=
nal sell-off on the last trading day prior to Christmas.
<= /p>


The worst flooding in decades is threatening pa=
lm oil production in Malaysia, pushing palm oil prices to one-month highs. =
That in turn supported strength in alternative
soyoil prices, with gains amplified by thin holiday trading.


Strength in soyoil combined with chart-buying i=
n soymeal to support strength in soybeans as well. Soybeans bounced off an =
area of chart support to rally upward to the
$10.40 strike price to close out the week. That strike was attractive to t=
raders holding January options ahead of expiration.


Positive momentum carried the January contract =
all the way to $10.45, where it encountered trend line resistance off the N=
ovember and December highs. The contract probed
above that level in the final minutes of trade, finishing the week just ab=
ove it. However, the soon-to-be-leading March contract remained inside the =
wedge, leaving the question unanswered on the direction that this market wi=
ll go. A probe to the topside can’t
be ruled out in thin holiday trade, but the longer-term risk would appear =
to be to the downside as long as crop prospects look impressive in South Am=
erica.


Wheat


Researchers at Kansas State University announce=
d that they have identified a gene that can increase wheat tolerance to hea=
t during grain fill. Early work with the gene
suggests that yields could be boosted by 35% once implemented. However, th=
at is more of a long-term story for the food grain.


Wheat traders are beginning to move past the Ru=
ssia story as more information emerges to clarify export restrictions. Bloo=
mberg reports that the wheat export duty probably
will not be implemented until February 1. This seemed to be confirmed when=
Egypt’s supply minister stated that Russia had assured him that it w=
ould honor contracts to deliver 4.4 million bushels of wheat in January.


Furthermore, it appears that the export duty wi=
ll be smaller than previously believed. Bloomberg reports that sources in R=
ussia put the rate at 15% of the shipment’s
value plus 7.5 euros, for a minimum of 35 euros. That currently translates=
into $1.16 per bushel when converted.


Additional support comes from forecasts for bit=
ter Arctic cold to pour down into the Plains hard red winter wheat belt in =
the coming week. Readings could drop to -20
to -30=B0F in Montana, with temperatures in the single digits to double-di=
gits below zero in parts of Nebraska, Colorado and northwest Kansas. Commod=
ity Weather Group notes a variety of views from different models that could=
drop damaging temperatures over anywhere
from 30 to 60% of the Plains hard red winter wheat belt, depending on actu=
al intensity and duration of the cold.


Yet, traders remained skeptical, particularly a=
s snow fell across areas expected to see the coldest readings. Traditionall=
y, rallies are difficult to sustain based on
weather threats at this time of year, as damage will be hard to document b=
efore February or March. However, prices moves can also become exaggerated =
in thin holiday trade, which will likely remain with us through the coming =
week. In fact, wheat had the most
lethargic close to the week in the grain complex, with little clear direct=
ion in thin holiday volume.


Beef


Wednesday’s cash cattle trade was impress=
ive. Trade volume was large, suggesting that packers had a greater need to =
acquire cattle than most had anticipated. Prices were
impressive, with trade at mostly $162 per cwt on a live basis, up from $15=
7 to $160 the previous week, with some cattle trading for $164 in Nebraska =
and $259 on a dressed basis.


That cash trade provided support for live cattl=
e futures to close out the week, but all the focus was on the feeder cattle=
market to start trade on Friday. Trade volume
was very thin, apparently allowing a few players who were giving up on the=
market to get out. The thin volume allowed feeder futures to briefly touch=
the newly expanded $4.50 per cwt daily limit lower.


Fortunately, feeder futures didn’t lock t=
here and slowly began to recover late morning. Most sale barns are closed f=
or the two week period through the end of the month
due to the Christmas and New Year’s holidays, but overall demand app=
ears soft due to the recent break in fat cattle prices amid firming corn pr=
ices. The latest CME cash index came in at $225.03 per cwt, down $19.96 per=
cwt from its December 2 record high.


Stabilizing feeder cattle futures allowed the f=
at cattle market to firm again on strength in the cash market just ahead of=
Christmas. Additional support came from forecasts
of bitter Arctic air expected to plunge through the Plains feedlot region =
over the coming week, with coldest readings seen on New Year’s Eve. T=
he fat cattle market led the feeder cattle market back into positive territ=
ory for most contracts.


Product movement Wednesday, dropped to 148 load=
s, down from 199 loads the previous day and down from 204 loads the previou=
s week. Choice cuts were up $1.34 to $243.94
per cwt, while Select cuts were up $1.93 to $233.19. That dropped the Choi=
ce/Select spread to $10.75 per cwt, down from $11.34 the previous day and d=
own from $11.28 the previous week. Movement at mid-morning today was extrem=
ely slow at just 30 loads, but at
again firmer prices. Choice cuts were up $0.67, while Select cuts were up =
$2.72 per cwt, dropping the Choice/Select spread to $8.70 per cwt.


Pork


The lean hog futures market spent most of the w=
eek trading between $80 and $82 per cwt. Tuesday’s USDA quarterly hog=
s and pigs report confirmed that the industry is effectively
managing the PED virus problem, with expansion a bit better than expected.=
Monday’s cold storage report showed that total pork supplies in the =
freezer were dropping, but virtually all of the decline came from strong de=
mand for Christmas hams, with supplies
for other cuts rising.


Meanwhile, the cash market continues to grind l=
ower. Producers are pulling hogs forward fearing even lower prices. Packer =
margins near $18 per head provide incentive
for packers to work at capacity, but they’re having no problems obta=
ining the hogs. Slaughter numbers continue to trend higher, although the Ch=
ristmas break certainly pulled back on numbers this week.


The latest CME cash index came in at $80.59, do=
wn $0.96 on the day and down $5.36 on the week. It was the 10th =
consecutive trading day with a lower index,
with losses over that period totaling $7.92 per cwt. February lean hogs ha=
ve good support at $80, but that is contingent on see the cash market stabi=
lize, which necessitates a rebound in product demand.


Product movement on December 23 was 349 loads, =
down from 413 loads the previous day and down from 545 loads the previous w=
eek. However, prices did stabilize. The composite
pork product price came in at $87.39 per cwt, up $0.46 on the day. Movemen=
t at midday today came in at a mere 72 loads. The composite pork product pr=
ice was down $0.25 to $87.14 in thin trade.


Closing Market Snapshot


 

All op=
inions expressed in this commentary are solely those of Water Street Adviso=
ry. 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 re=
liable, we cannot guarantee its accuracy or completeness. There is signific=
ant risk of loss involved in commodity futures and options trading and may =
not be suitable for all investors.

3D"cid==

3D"cid:imag=<= /p>

3D"cid:image012.png@01C=

www.waterstreet.org 

or 1-866-249-2528

 

 

3D"https://www.hoosieragtoday.com/wp-content/uploads/2017/05/purdue-news.png"

Arlan=
Suderman | Senior Market Analyst
WATER STREET ADVISORY=AE | 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 opini=
on of the writer and may change at any
time. This information was compiled from sources believed to be reliable b=
ut accuracy cannot be and is not guaranteed. There is no warranty, expresse=
d or implied, in regards to this information for any particular purpose. Th=
ere is SIGNIFICANT RISK involved
in trading futures and or options on futures and may not be suitable for a=
ll investors. Investors should consider these RISKS and evaluate their suit=
ability based on their financial conditions. No one should ever consider tr=
ading 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 comm=
odity or security named herein.
<= /p>

The i=
nformation contained in this e-mail message is intended only for the person=
al and confidential use of the recipient(s) named above. This message may b=
e an attorney-client communication and/or
work product and as such is privileged and confidential. If the reader of =
this message is not the intended recipient or an agent responsible for deli=
vering it to the intended recipient, you are hereby notified that you have =
received this document in error
and that any review, dissemination, distribution, or copying of this messa=
ge is strictly prohibited. If you have received this communication in error=
, please notify us immediately by e-mail, and delete the original message. =
Water Street Solutions is an equal
opportunity provider. Water Street Solutions is an equal opportunity emplo=
yer.

 


–_000_0859060fbc4040aab50d74bcfdd1f94dPeo1Exch2abslocal_–

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