Home Market Market Watch Midday Update

Midday Update

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Midday Update

·         The dollar swung nearly 1,400 points, going from sharp losses to new 11-year highs, after the European Central Bank announced a larger-than-expected stimulus program.

·         The ECB will buy 60 billion euros worth of assets per month through at least September 2016, weighting its purchases by country based on their debt load.

·         China’s central bank is said to have injected $8 billion into its banking system to stimulate economic growth.

·         Danish interest rates were cut for the second time in a week this morning, adding to the global stimulus mindset, while sending more investors to the U.S. dollar, which is expected to benefit from higher interest rates later this year.

·         Ukraine exporters reached an agreement with the government to limit marketing year wheat exports to 12.8 million metric tons, or 470 million bushels. However, that is 66 million bushels more than shown on USDA’s balance sheet.

·         The International Grains Council raised its 2014-15 marketing year global corn production estimate to a record 992 million metric tons, up 100 mmt from its previous estimate and above USDA’s January estimate of 988 mmt.

·         Crude oil drops after the Department of Energy reports a huge weekly build in stocks of 10.1 million barrels, above expectations of 2.6 million.

·         Corn futures are a penny lower on talk that we may be losing South Korean business to Ukrainian corn.

·         Soybean futures are 3 cents lower on the big approaching South American harvest.

·         Wheat futures are 3 cents higher as Russian troops battle in eastern Ukraine.

·         Live cattle futures bounce $1.20 to $1.60 per cwt on profit taking amid reports of $160 cattle moving in Kansas. Choice cuts are down $1.28 this morning, while Select cuts are up $0.71 in sluggish movement.

·         Feeder cattle futures are bouncing $1.15 to $2.75.

·         Lean hogs are mostly 45 to 70 cents higher in a technical bounce to correct a discount to the cash. Today’s cash market is steady to $1.00 lower.

 

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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