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Midday Update

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Midday Update

·         Money is flowing back into the broader commodity complex as the dollar comes off this morning’s highs while stocks are higher since Fed Reserve Chair Yellen spoke.

·         Fed Reserve Chair Yellen says the economy continues to grow, adding home prices are rebounding, and job markets are improving despite the sluggish wage growth.  Comments were made that interest rates should not increase too soon or that would undermine the recovery. 

·         Meal is up over $9 and soybeans are up 23 cents due to truckers still blocking numerous highways in Brazil, slowing movement of grain.

·         Corn futures are up 4 cents following soybeans today.

·         Wheat is up 3 cents well off its highs after failing to see follow through buying due to expensive wheat compared to the global market.

·         Live cattle futures are 5 to 30 cents lower but well off their lows after reaching its lowest price since May of 2014.

·         Feeder cattle are down 60-90 cents on weaker fat cattle and stronger corn prices.

·         Lean hog futures are 30 to 70 higher on short-covering on ideas of a possible seasonal bottom.

 

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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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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