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Midday Update

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Midday Update

·         The dollar is down more than 1,000 points after being down more than 1,300 points earlier this morning.

·         Money is flooding into the broader commodity and equity sectors on weakness in the dollar, with the Dow Jones Industrial Average up 188 points and crude oil up $1.92 per barrel.

·         According to sources, Informa told its clients this morning to expect this year’s corn acreage to be 88.5 million acres, down 75,000 from its January estimate. Soybeans are expected to be at 87.5 million, down 547,000 from its January estimate.

·         Corn futures are up 9 cents at one-week highs.

·         Soybean futures are up 13 cents, with soymeal up $4.20 per ton

·         Wheat futures are up 14 at one-month highs in Chicago, while up 15 cents in KC and up 12 in MN.

·         April live cattle are down $0.60 after failing to push through the 100-day moving average at $158.87.

·         March Feeder Cattle are up $0.12, while the deferred contracts are $0.70 to $1.20 lower on weakness in the fat cattle and strength in corn prices.

·         April lean hogs are up 40 cents on a technical bounce, while the deferred contracts are down 10 to 35 cents. Cash hogs are mostly steady, although up to 50 cents weaker in Illinois.

 

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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