Home Market Market Watch Midday Update

Midday Update

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Midday Update

·         Housing starts drop in February by the largest amount in four years. Building permits rose, but primarily for multi-family units, which is not a good indicator of economic health.

·         The dollar continues to maintain modest losses after Friday’s lows held ahead of tomorrow’s statement from the Fed, with money flowing out of the broader commodity and equity sectors this morning.

·         Soymeal rail basis is down mostly $10 per ton today as the flow of meal improves relative to demand.

·         This week’s look at sea surface temperatures in key areas of the Pacific, and the subsequent summer weather patterns in analog years, favors conditions that would support trend or better corn/soybean yields. We’ll monitor this on a weekly basis.

·         Corn is down 7 cents, with the December contract matching the January low of $3.9675 earlier this morning.

·         Soybeans are down 9 cents on demand shifting south of the equator amid weaker soymeal prices.

·         Soymeal futures are down $3.30 per ton.

·         Wheat is down 7 cents in Chicago, 8 cents in KC & down 6 cents in MN on a back and fill day after big gains on Monday.

·         Live cattle futures are up $0.60 to $1.00 per cwt on firmer product prices. Boxed beef prices are up significantly this morning, but on just 74 loads moving.

·         Feeder cattle are steady to $0.85 lower on concerns that fat cattle prices will struggle longer-term.

·         April lean hogs are 10 cents lower on weaker cash, but the deferred contracts are 25 to 70 cents firmer on optimism that the market is carving out a seasonal low. Cash hogs are mostly steady to 50 cents lower. The composite pork product price is down $0.68 this morning on slow movement for a Wednesday at 218 loads.

 

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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