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Midday Update

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Midday Update

·         Informa reportedly told its clients this morning that it pegs Brazilian soybeans at 92.5 million metric tons, down 1 mmt from its previous estimate. However, it raised Argentina’s soybean production estimate by 1 mmt to 58 mmt.

·         Informa reportedly lowered Brazil’s corn production estimate to 72.4 mmt, down 0.45 mmt from its previous estimate. However, it raised its Argentine production estimate by 0.5 mmt to23.5 mmt.

·         Producer selling increased on the latest soybean rally, increasing the supply available, although sales are said to be pulling back again as prices fall today.

·         Soybean charts are turning lower, adding to selling pressure.

·         The new-crop soybean/corn price ratio is trading near 2.38:1, which is still too high to get the needed corn acres to guard against potential weather problems this summer.

·         Iowa State Climatologist Elwynn Taylor is quoted as reducing his 2015 corn yield estimate to 164.5 bushels per acre, down from 171.0 bushels previously.

·         Corn futures are a penny higher on corn/soybean spreading.

·         Soybeans are down 7 cents as the flow of Brazilian soybeans increases.

·         Wheat is up 1-cent in Chicago, up 4 cents in KC and up 9 cents in Minneapolis as traders see value at current levels in early March and the hard wheats lead the way.

·         Live cattle futures pull back from an area of congestion on the charts, with contracts trading mostly $1.25 to $1.55 lower.

·         Feeder cattle futures are $0.70 to $1.50 lower on weakness in the fat cattle market and soft demand at sale barns.

·         Lean hogs are down $0.35 to $1.30 on soft product prices.

 

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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