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Midday Update

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Midday Update

·         USDA’s daily export reporting service today indicated that Mexico bought another 4.8 million old-crop & 0.4 million new-crop corn bushels over the weekend.

·         Exporter shipments in the week ending January 29 included 26 million bushels of corn (weak), 5.1 million bushels of grain sorghum (good), 62.4 million bushels of soybeans (strong) and 14.5 million bushels of wheat (routine).

·         Energy prices continue to push higher on short-covering and bottom-picking amid the United Steel Workers Strike by oil workers.

·         Corn futures are a penny higher on this morning’s bounce, but struggling to sustain it.

·         Soybean futures are fractionally mixed after trading both sides of unchanged.

·         Soymeal futures are down $1.60, suggesting that strength in soybeans will be limited.

·         Wheat is down 8 cents in Chicago, down 5 cents in Kansas City and down 3 cents in Minneapolis after weekend moisture benefited winter wheat.

·         Live cattle futures are down 50 cents to $1 following Friday’s bearish cattle inventory report. Boxed beef prices are modestly higher on slow movement.

·         Feeder cattle are down $2.00 to $2.75 on declining sale barn demand and on the bearish inventory report.

·         Lean hogs are down 40 to 50 cents on continued weakness in the cash and product markets. Product prices are modestly higher on slow movement after last week’s big break, while the cash market is steady to $2 lower.

 

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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