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Midday Update

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Midday Update

* Midday grains/oilseeds/meats weaker on the extension of the rally in the US dollar into two month highs. Corn -2 1/2, Soybeans -5, Wheat -4, Cattle -1.50-2.00, Feeders -1.5-3.0, Hogs -2.0-1.0.

* Basis bids for soybeans shipped by barge to the Gulf are steady to firm, supported by strong near-term export demand and slowing farmer sales.
* The USDA on Friday confirmed private sales of 208,000 tonnes of US soybeans to unknown destinations for 15/16 delivery. Exporters also changed the destination of a previously 236,000 tonne unknown sale to China.
* Export sale also announced of 130,000 tonnes of corn to unknown destinations for 15/16.
* Oil rallied on China rate cut announcement, but succumbed to the rally in the US dollar.
* Lean hogs are weaker on Thursday’s lower cash trade and wholesale pork prices. Most plants have adequate supplies for the weekend ahead. Dealers expect most prices to be steady with the previous sales to $1.25 lower.
* Cattle on Feed industry estimates for 2:00pm central release: On Feed Oct 1 102% (prev rpt 103%), Placements during Sept 94% (prev rpt 95%), Marketings in Sept 98% (94%).

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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