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Midday Update

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Midday Update

·         The Federal Reserve Open Market Committee is scheduled to release its highly-anticipated revised monetary policy statement at 1 p.m. CDT today.

·         The dollar is modestly lower in consolidation ahead of the statement release.

·         Crude oil is down more than $1 near this morning’s six-year low after the Department of Energy reported nearly 10 million more barrels entered storage in the past week, taking stocks to new record (80 years) highs.

·         Corn futures were under pressure this morning after confirmation that a cargo of Brazilian ethanol has been booked for shipment into Florida, made possible by the strong dollar and weak real on the currency market.

·         Farm Futures’ survey of 1,297 producers revealed planting intentions of 88.3 million acres of corn (-2.3), 8.4 million acres of grain sorghum (+1.3), 87.3 million acres of soybeans (+3.6), 9.4 million acres of cotton (-1.6) and 55.6 million acres of wheat (-1.2).

·         Corn futures have rallied back to 1-cent gains as money flows back into commodities at large in the past 15 minutes.

·         Soybean futures are up 7 cents on bargain-hunter buying near chart support.

·         Wheat futures are up 1-cent in Chicago, up 3 in KC and mixed in Minneapolis.

·         April live cattle are up the $3 daily limit on short-covering amid chatter of firmer cash trade this week.

·         Feeder cattle are up $1.70 to $2.95 on recent weakness in corn prices combined with renewed optimism in the fat cattle market after chart support held.

·         Lean hog futures probed to new lows for the move this morning on lingering weakness in the cash market. Cash hogs were mostly 50 cents weaker, while the composite pork product price was up $1.15 at midday on decent volume.

 

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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