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Midday Update

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Midday Update

·         Bloomberg reports that European Central Bank president Mario Draghi is preparing to propose tomorrow a 1.1 trillion euro ($1.3 trillion) quantitative easing program that would by 50 billion euros of bonds per month until December 2016. The market had been anticipating a 550 to 600 billion euro program.

·         The euro is falling and dollar rallying off early-day lows on the report.

·         USDA’s daily export reporting system reported today that Chinese buyers bought another 6.5 million bushels of U.S. old-crop soybeans in the past 24 hours. This follows cancellations of previous purchases totaling 16.9 million bushels in recent days.

·         Overnight rallies have been difficult to sustain in day trade in recent sessions and the same has been true for today as well.

·         Russia continues to be an aggressor in eastern Ukraine, attempting to take more territory according to news reports, providing underlying support for soft wheat.

·         Corn and soybean basis firmed at processors as farmers remain tight-fisted holders of both.

·         Corn futures are down 3 cents on a renewed focus on big supplies.

·         Soybean futures are down 3 cents on good rains expected ahead of a big harvest in South America.

·         Chicago wheat is up 1-cent, while Kansas City is down 4 and Minneapolis is down 7 cents.

·         Live cattle futures are modestly mixed in consolidation trade after a big break on Tuesday. Boxed beef prices were modestly higher on 94 loads at mid-morning.

·         Feeder cattle futures are mixed on similar dynamics, while demand at the sale barn remains soft.

·         Lean hog futures are 30 to 90 cents lower. The cash market is mostly $0.50 to $1.00 weaker today.

 

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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