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Midday Update

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Midday Update

·         Export sales for the week ending February 5 included 39.5 million old-crop & 4.6 million new-crop corn (good), 13.1 million bushels of grain sorghum (strong), 27.4 million bushels of soybeans (strong) and 15.4 million bushels of wheat (soft).

·         The National Oilseed Processors Association is expected to show January member soybean crush at 162.7 million bushels, down 1.6% from the previous month. Water Street is looking for a bit larger total at 166.1 million bushels.

·         CONAB, Brazil’s version of our USDA, pegs their soybean crop at 94.6 million metric tons, down from 95.9 mmt in January and close to USDA’s revised estimate of 94.5 mmt.

·         Corn futures are down 2 cents on rising South American production prospects and increased U.S. deliveries.

·         Soybeans are up 4 cents on strong upfront demand for both soybeans and soymeal.

·         Wheat futures are 3 to 4 cents lower on sluggish demand.

·         Live cattle are up 55 to 85 cents after probing lower earlier. There are reports that cattle moved in the north at $160 on a basis play. Feeders elsewhere said to be passing $161. Boxed beef prices are lower, but on good movement.

·         Feeder cattle are $0.60 to $1.45 higher on improving cash demand.

·         Lean hogs are $0.65 to $1.55 higher on a bounce this morning. Product prices are a half-dollar lower, while cash hogs are steady to $1 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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