Home Market Market Watch Midday Update

Midday Update

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Midday Update

·         The dollar continues to surge higher to new 11-year highs as the euro falls.

·         The Department of Energy reports that ethanol stocks eased back to 21.5 million barrels, down from 21.6 million the previous week, but up from 16.6 million the previous year.

·         Ethanol production fell to its lowest level since October at 931K barrels per day, down from 947K the previous week, but up from 894K the previous year.

·         McDonalds announced today that it will begin to phase out purchases of chicken produced with human antibiotics.

·         Corn is 4 to 5 cents lower, dragged down by double-digit losses in soybeans and wheat.

·         Soybeans are down 17 cents as new-crop supplies flow in Brazil and as charts turn bearish.

·         Wheat id sown 10 cents in Chicago, down 8 cents in KC and MN on strength of the dollar.

·         Live cattle futures are up $1 to $1.80 per cwt as April bounces off support at $150. Packers are said to be offering $157 in Kansas and Texas, while asking prices are at $162.

·         Feeder cattle are up $2.60 to $3.25 on strength in the fat cattle market, with the lead March contract probing above key resistance at $205.

·         Lean hog futures are up $1.15 to $1.90. The cash market is mostly steady, although Illinois markets were mostly steady to 50 cents weaker.

 

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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