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Midday Update

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Midday Update

·         Major commodity indices break sharply lower this morning as funds resume shorting (selling) commodities following Wednesday’s policy statement from the Federal Reserve.

·         Export sales for the week ending January 22 totaled 42.7 million bushels of corn (good), 9.1 million bushels of grain sorghum (strong), 33.4 million bushels of soybeans (good), and 20.8 million bushels of wheat (good).

·         USDA’s daily export reporting system today indicated that “unknown destinations” bought another 2.3 million old- and 2.3 million new-crop sales.

·         This week’s drought monitor shows a broad area of low-level drought developing in areas of central and western Midwest, as well as southern Ohio River Valley.

·         Soyoil prices continue to plummet following this week’s decision by the EPA to allow Argentine biofuels makers to qualify for our biofuels credits and on sinking Malaysian palm oil prices as global demand slows.

·         Corn futures are down 4 cents in follow-through selling after chart support gave way on Wednesday.

·         Soybean futures are steady to 3 cents lower, with new-crop contracts the weakest.

·         Wheat futures are bouncing on profit taking above $5 in Chicago, up 4 cents. KC wheat is up 10 cents, while MN is up 8.

·         Live cattle futures are up $0.775 for the February contract, but down for August and beyond as the technical bounce continues. Boxed beef prices are down again this morning, but movement is good.

·         Feeder cattle futures are steady to 45 cents higher in a continued technical bounce.

·         Lean hog futures down $1.50 to $1.70. The composite pork product price is down another $1.69 this morning, near two-year lows.

 

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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