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Midday Update

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Midday Update

·         The dollar turned lower this morning when data showed consumer sentiment taking a surprising drop.

·         The weaker dollar sent a surge of money into the broader commodity complex, including grain and oilseed prices.

·         The Baltic index of ocean freight rates is trading at record low levels this week, boosting demand for bulk commodities.

·         Corn futures are up 4, but still below resistance at $3.925.

·         Soybean futures are up 10 cents, having traded as high as $9.9775, with significant resistance at the $9.99 – $10.00 level.

·         Wheat futures are up 10 cents in Chicago, 7 cents in KC & 8 cents in MN on short-covering and increased money flow.

·         Live cattle are 85 cents higher for the February contract, but up $2.10 to $2.65 in the deferred months on expectations of firmer cash later today. Product movement has been good this morning, but at weaker prices.

·         Feeder cattle are up as much as $3.30 per cwt on renewed strength in the fat cattle and cash feeder cattle markets.

·         Lean hog futures are correcting higher after being oversold. February is up 18 cents, but the deferred contracts are up $1.70 to $2.50 on short-covering on hopes that the West Coast port workers slowdown will soon be solved resulting in stronger overseas movement of cheap pork.

 

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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