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Midday Update

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Midday Update

·         Money is flowing back into the broader commodity complex as the dollar comes off this morning’s highs and crude oil rallies back above $50.

·         Soybeans are leading the way higher in the grain complex higher after USDA economists shocked the trade with a 2015 acreage estimate of just 83.5 million acres, down from farm surveys showing 87 to 88 million.

·         Rains begin to dry up in central and northwestern Brazil tomorrow, returning late next week, but allowing active field work between now and then.

·         Buying accelerates in the grains as chart signals are triggered.

·         March option expiration is tomorrow, with most attractive strike prices at $10 for soybeans and $3.80 for corn.

·         Corn futures are up 6 cents, but still cannot test overhead resistance at $3.925.

·         Soybeans are up 16 after reaching a one-month high of $10.17 earlier this morning.

·         Wheat is up 6 cents as it follows the other markets, while KC is up 2 and MN is steady to firm.

·         Live cattle futures are 45 to 95 cents lower. Packer bids are at mostly $160 per cwt on a live basis, while feeders are offering at $165.

·         Feeder cattle are down mostly $1 +/- 10 cents on weaker fat cattle and stronger corn prices.

·         Lean hog futures are $2 to $2.40 higher on short-covering on ideas of a possible seasonal bottom. Cash hogs are mostly steady and product prices are slightly higher 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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