Home Market Market Watch Midday Update

Midday Update

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Midday Update

·         Export sales for the week ending January 15 totaled 86 million bushels of corn (biggest in 7 years), 12.1 million bushels of grain sorghum (strong), just 0.5 million old- & 3.7 million new-crop soybean bushels & 20.7 million bushels of wheat (solid)

·         Soymeal export sales surged again to 284.5K metric tons in the week ending January 15, with actual shipments during the week strong at 302.9K tons.

·         The dollar is nearly 1,000 points off its overnight high, but still posting big gains on top of Thursday’s impressive gains.

·         Pork export sales were strong again in the week ending January 15, but pork and beef traders are worried about demand following this week’s big surge in the greenback.

·         Cattle traders are positioning for this afternoon’s USDA cattle-on-feed report, which the industry expects to show that on-feed numbers are up 1.6% from year ago levels, December placements down 4.1% and December marketings down 4.9% from  year ago levels.

·         Corn futures are 2 to 3 cents higher on this morning’s strong export sales data.

·         Soybean futures are down 3 to 5 cents on disappointing export sales and rains falling to help a big soybean crop finish the finish line in Brazil.

·         Wheat futures are steady to a penny lower in Chicago and Kansas City, while 2 cents higher in Minneapolis.

·         Live cattle futures are down the $3 daily limit on the strong dollar and ahead of this PM’s USDA cattle-on-feed report. Choice cuts are down another $1.77 this morning, while Select cuts are modestly higher on slow movement.

·         Feeder cattle are the $4.50 per cwt daily limit lower on a weaker cash market and weakness in the fat cattle market.

·         Lean hog futures are down $1.75 to $2.50 per cwt. The cash market is again steady to $1 lower, with the composite pork product price down another $0.99 per cwt as well.

 

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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