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Midday Update

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Midday Update

·         The Department of Labor reports that the unemployment rate remained unchanged at 5.8% as expected in November. However, the economy created 321,000 jobs during the month, above expectations of 230,000 and the best post-recession jobs report.

·         The dollar spiked to new highs for the move following the report on expectations that this will push the Federal Reserve toward higher interest rates next year and is sitting just below March 2009 highs.

·         USDA’s daily export reporting system today indicated that “unknown destinations” bought another 8.8 million bushels of U.S. current-year soybeans.

·         Trade chatter this morning suggests that China may be loosening restrictions on the import of U.S. DDGS, but so far exporters say they see no evidence of such.

·         Corn futures are up 4 cents on slow producer selling, buying above chart support and China DDGS rumors.

·         Soybean futures are up 15 cents on tightness in the protein sector amid strong global demand and slow farmer selling.

·         A technical bounce in wheat futures has prices 4 cents higher in Chicago and 7 to 8 cents higher in KC & MN.

·         Live cattle futures are $0.90 to $1.30 higher on reports of cash cattle trading in Nebraska at $166 per cwt on a live basis, down $6 on the week, while Kansas feeder pass on $168 bids.

·         Feeder cattle are 15 to 35 cents lower, with support coming from strong demand at the sale barn, while pressure comes from weak fat cattle prices.

·         Lean hog futures are 30 to 90 cents lower on product markets that continue to slowly leak lower. Cash hogs are said to be steady to 50 cents lower today.

 

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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