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Midday Update

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Midday Update

·         The NASDAQ composite index hit the 5,000 mark this morning for the first time since 2000, despite disappointing economic data from both the construction and manufacturing sectors.

·         The dollar is back near 11-year highs after initially pulling back from new highs earlier this morning.

·         Crude oil is back above $50 with modest gains, but the products are weaker.

·         Export shipments for the week ending February 26 total 50.4 million bushels of corn (10-month high), 8.1 million bushels of grain sorghum (strong), 23.3 million bushels of soybeans (soft) and 16.5 million bushels of wheat (solid).

·         Many individual states will release monthly crop ratings for winter wheat this afternoon.

·         Corn futures are down 4 cents after failing to sustain attempts to push higher this morning.

·         Soybean futures are down 10 cents on a seasonal shift in demand south of the equator.

·         Soymeal is down $6.40 per ton on similar factors, adding to soybean weakness.

·         Wheat is down 9 cents in Chicago, 7 cents in KC and MN on weakness in the other markets.

·         Live cattle futures are up $2 and at their highest level since February 13 to close the gap with cash after the February contract went off the board Friday.

·         Feeder cattle futures are up $2 on similar dynamics, but with strong resistance a $1 above the market at $205.

·         Lean hog futures are up 45 to 60 cents. Cash hogs are mostly steady, to up to 50 cents weaker in the closely watched Iowa/Southern Minnesota market. Product prices are up 7 cents.

 

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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