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Midday Update

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Midday Update

·         The dollar is up over 500 points at new 11-year highs as the European Central Bank outlines the details of its asset purchasing program that starts on Monday.

·         Export sales for the week ending February 26 totaled 32.6 million old- & 6.2 million new-crop corn bushels, 7.2 million old- & 2.2 million new-crop bushels of grain sorghum, 18.4 million bushels of soybeans and 17.3 million old- & 1.4 million new-crop wheat bushels.

·         “Unknown destinations” bought another 4.25 million bushels of new-crop grain sorghum in the past 24 hours.

·         Reports indicate that 20% of Argentina’s grain belt has received nearly 14” of rain over the past 15 days.

·         Tuesday’s USDA report is expected to show modest reductions in Brazilian corn and soybean production offset by increases in Argentine crops.

·         The trade expects USDA to cut domestic soybean stocks by nearly 10 million bushels on Tuesday, while increasing wheat by a similar amount, with corn stocks steady.

·         The new-crop soybean/corn price ratio is at 2.34:1, down from 2.4 earlier this week.

·         Corn futures are up 2 cents on slow farmer selling and attempting to buy acres for this spring.

·         Soybean futures are 5 cents lower as new-crop supplies begin to flow out of Brazil.

·         Wheat futures are down 12 cents in Chicago, down 7 cents in KC and down 4 cents in MN on a strong dollar, good Northern Hemisphere crop prospects and sell stops below contract lows.

·         Live cattle futures are mixed. A few head of cattle traded in Kansas  yesterday at $159.

·         Feeder cattle futures are mixed to firm.

·         Lean hog futures are down $0.70 to $1.50. The cash market is 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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