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Midday Update

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Midday Update

·         Crude oil traded down to $42.85 this morning, a six-year low, on data estimated fresh inventory builds at Cushing, Oklahoma and after a settlement was reached in the largest oil worker’s strike since 1980.

·         The dollar is off its lows after dropping more than 900 points in profit taking earlier this morning as traders position for Wednesday’s policy statement from the Fed.

·         The United States hit its debt ceiling today, although it will be able to maneuver the finances to continue operating a few more weeks.

·         Export shipments for the week ending March 12 included 28.9 million bushels of corn (soft), 13.9 million bushels of grain sorghum (strong), 21.5 million bushels of soybeans (soft) and 19.1 million bushels of wheat (solid).

·         Minimal farmer sales are keeping soybean bids steady this morning, while corn bids are broadly higher at Midwest processors.

·         The National Oilseed Processors Association reports that its members crushed 146.97 million bushels of soybeans in February, down from 162.675 million the previous month and down from pre-report trade estimate of 148.537 million.

·         Corn futures are down 4 cents on bearish chart signals and weakness in crude oil.

·         Soybean futures are down 3 cents on weak chart signals and the seasonal shift in demand south of the equator.

·         Wheat futures are up 7 cents in Chicago and up 10 cents in Kansas City and Minneapolis on seasonal weather concerns, including dryness in the Southern Plains.

·         Live cattle futures are down $0.50 to $1.15 as avian flu concerns spread. Boxed beef prices are modestly higher this morning on routine movement.

·         Feeder cattle are down $1.15 to $1.90 on the above concerns.

·         Lean hog futures are down 10 to 15 cents in the lead April contract, but are bouncing 5 to 30 cents in the May to August contracts after pricing in avian flu concerns last week. Cash hogs are mostly $1 lower today, although Iowa/Southern Minnesota markets are 50 cents lower. The composite pork product price is $1.71 higher on slow movement.

 

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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