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Midday Update

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Midday Update

·         The dollar dropped below key support at last Wednesday’s low this morning, but then reversed higher, with a similar reversal of money flow, now out of the broader commodity sector.

·         USDA projects a decline in U.S. ethanol consumption to 45.6 billion liters by 2024 due to the blending wall, down from 50.3 billion currently. However, it also notes that we are now the world’s largest exporter of ethanol.

·         Corn futures are 2 to 3 cents higher as traders attempt to focus on the risk of declining acreage this year.

·         Soybeans are 4 cents lower as demand shifts to the large crop produced south of the equator.

·         Wheat futures are down 9 in Chicago, down 10 in KC and down 9 in MN as the firming dollar threatens to dash hopes of recovering export demand.

·         April live cattle are 25 to 30 cents higher on strength in the cash market, while the deferred contracts are 5 to 35 cents weaker on Monday afternoon’s bearish cold storage report showing beef supplies at historically high levels. Boxed beef prices are higher on slow movement.

·         Feeder cattle are mixed showing a similar pattern.

·         April lean hogs are steady. May lean hogs are down $2.20 per cwt and the deferred contracts beyond that are $0.35 to $1.45 higher after overcoming selling earlier today following the bearish cold storage report showing a big build of pork and poultry supplies in the freezer. Cash hogs are mostly 50 cents weaker, while products are steady.

 

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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