Home Market Market Watch Midday Update

Midday Update

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Midday Update

·         USDA’s daily export reporting system today indicated that exporters sold 5.4 million bushels of U.S. current-year corn to Japan and 4.8 million bushels of soybeans to Spain.

·         Russia’s Veterinary and Phytosanitary Surveillance Service stated today that it will impose tighter quality export restrictions on wheat when it sees a problem, which is a much looser statement than it had made at the end of November when restrictions appeared imminent to some.

·         Brazil’s new-crop soybeans are 26% sold, according to local consultant AgRural, down from the typical 39% for this point in the season.

·         Export shipments for the week ending December 4 totaled 21 million bushels of corn (disappointing), 8.2 million bushels of grain sorghum (strong), 81 million bushels of soybeans (strong) and 9.9 million bushels of wheat (poor).

·         An overseas trader commented this morning that it’s good for U.S. farmers that the funds want to buy their wheat at a time when global end users are buying elsewhere.

·         Corn is 3-4 cents higher on follow-through buying amid firming basis as farmers hold tight, although some farmer selling was seen on this morning’s rally.

·         Soybeans are 12 cents higher and meal $5.90 higher on near-term tightness in the protein complex.

·         Wheat is 10-11 cents higher on chart-related buying.

·         Live cattle are $1 to $1.50 lower on weakness in the fat cattle market and a technical breakdown of the charts.

·         Feeder cattle are $2.50 to $3 lower on weakness in the fat cattle market and strength in corn.

·         Lean hog futures are mostly 30 to 50 cents lower, although the December contract is 50 cents higher. Cash hogs are steady to 50 cents lower, with weakness mostly in the eastern Midwest.

 

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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