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Midday Update



Midday Update

·         The Department of Commerce reports that U.S. gross domestic product (GDP) growth in the fourth quarter of 2014 came in at 2.6%, down from 5.0% in the third quarter and down from Wall Street expectations of 3.2%.

·         The final University of Michigan’s consumer sentiment index for January came in at 98.1, down from the prior estimate of 98.2 and down from Wall Street estimates of 98.2, but still very strong.

·         End of the month book squaring added pressure to prices today, while grain and oilseed values were also pressured by bearish charts and a renewed focus on large supplies.

·         Private analyst Safras & Mercado peg Brazil’s corn crop at 74.7 million metric tons, down from 75.5 mmt previously, while putting soybeans at 95.0 mmt, down from 95.9 mmt previously.

·         Midwest hogs are mostly steady, although Illinois is again steady to $1 lower.

·         Corn futures are 5 cents lower on follow-through chart-related selling with a renewed focus on the large supply, even though farmers are not selling.

·         Soybean futures are down 12 cents as the soymeal market breaks hard, down $9.30 per ton. Harvest gains momentum over the next week to 10 days in Brazil.

·         Wheat futures are down 8 cents in Chicago, having probed below $5, with Kansas City down 4 and Minneapolis down 4.

·         Live cattle futures are mixed as the market braces for big contracted supplies believed to be coming to market beginning next week.

·         Feeder cattle are 20 to 40 cents higher on a continued technical bounce.

·         Lean hogs are $0.80 to $1.05 lower on weaker cash and product prices.


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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