Home Market Market Watch Midday Update

Midday Update

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Midday Update

·         USDA’s daily export reporting system today included confirmation that China bought another 4.4 million bushels of U.S. old-crop soybeans.

·         The outside markets continue to influence movement in the grain and oilseed sector, with money flow in/out of the broader commodities inverse of movement in the dollar.

·         The dollar rallied overnight, pulled back earlier this morning, but is now firming once again.

·         Export shipments for the week ending February 5 totaled 27.6 million bushels of corn (routine), 4.8 million bushels of grain sorghum (good), 54.6 million bushels of soybeans (strong) and 14.6 million bushels of wheat (weak).

·         Corn futures are up 4 cents on supportive money flow earlier this morning, but are thus far holding as that flow slows. March corn fell a penny short thus far of the January 21 high of $3.925.

·         Soymeal is $0.30 lower after erasing earlier gains.

·         Soybeans are a penny higher and more than 8 cents off their highs.

·         Wheat is mixed.

·         Feeder cattle are locked the $4.50 per cwt daily limit higher for the first two contracts following Thursday’s reversal, as futures try to close the gap with the cash market.

·         Live cattle are $2.55 to $3.35 higher on stronger feeder cattle and better-than-expected cash trade on Friday. Boxed beef prices are mixed, but movement is very good for a Monday.

·         Lean hog futures are $1.80 to $2.55 lower on weaker cash. The cash market is mostly $1 lower, with Illinois $1 to $2 lower. Product prices are modestly higher at midday.

 

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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