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Midday Update

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Midday Update

·         The Federal Reserve is expected to release its highly-anticipated monetary policy statement at 1 p.m. CST today.

·         CBOT soyoil fell to contract lows overnight after U.S. regulators gave the go-ahead for Argentina’s biofuel makers to qualify for U.S. biofuel credits, potentially making it more attractive for South American exporters to sell into the U.S. market – Reuters

·         Ethanol stocks rose to a two-year high of 20.6 million barrels in the week ending January 23, while production came in at 978K barrels per day, just below last month’s record highs.

·         Trade reports suggest that southeast mills have all the soft wheat needed into the summer, leading to speculation of big deliveries against the March contract.

·         Rain chances look very good for dry areas of the Southern Plains wheat belt late this week.

·         Corn futures are 3 cents lower, but support at $3.76 has held so far, with weakness coming from increased Ukrainian corn competition and rising production prospects from South America.

·         Soybeans are mixed, with strong upfront demand for soymeal providing support, while expectations of big South American harvest providing pressure.

·         Wheat is down 13 cents in Chicago and KC and down 10 cent in Minneapolis on poor export demand, expectations for good rains in the Plains and big deliveries against the March contract.

·         February live cattle are $1.35 higher on follow-through buying from Tuesday. Boxed beef prices are firming on good movement this morning following Tuesday’s collapse.

·         Feeder cattle are $1.60 to $2.40 higher on a corrective bounce.

·         Lean hog futures are $2.35 to $3 higher  as selling dried up at new lows early today, leading to short-covering.

 

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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