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Midday Comments

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Midday Update

·         CME Group announces that it will close the trading pits for most futures by July.  Pit Volume accounts for around 1% of total volume, options pits will remain open.

·         Export sales for the week ending January 29 totaled 33.3 million bushels of corn (good), 8.8 million bushels of grain sorghum (strong), 18.0 million bushels of soybeans (good), and 14.6 million bushels of wheat (good).

·         Safras Mercado estimated 2015 Brazil Soybean exports at 46.2 million mt, sees a 6% rise in soybean processing in 2015 by 39.2 million mt.

·         GASC officials told Rueters they will continue to monitor market prices of wheat, adding that while no definitive decision has been made yet, there is a possibility to announce tender for US wheat with its $100 million credit line from the US for US wheat purchases.

·         Combination of lower US dollar and higher energy markets supporting grains today.

·         Corn futures are 1/4 cents higher following the rebound in energy markets.

·         Soybeans are 8 cents higher.

·         Wheat prices are 6-cents higher in Chicago, 6 cents higher in KC and 7 cents higher in Minneapolis with the possible demand announcement.

·         Feeder cattle are another $2 to $2.20 lower this morning but have traded both sides so far today, still very volatile.

·         February live cattle are 25 cents lower, but April is $.50 lower on weakness in the feeder cattle market. Trade also talking about competition from poultry and pork prices.

·         Lean hog futures are $1.40 to $1.70 lower from follow through chart weakness and cash market continues to slide.

 

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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Aaron Hodge | Market Associate
WATER STREET ADVISORY® | www.waterstreet.org
(309) 680-1200 | ahodge@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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