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Midday Update

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Midday Update

·         Comments made at this week’s USDA Outlook Forum suggests that economists released such a low soybean acreage estimate because they simply couldn’t fathom farmers increasing soybeans when the soybean/corn price ratio had fallen so much since last year.

·         Export sales for the week ending February 12 totaled 36.7 million old- & 5.6 million new-crop bushels of corn, 18.6 million old- and 4.3 million new-crop soybean bushels, 3.5 million grain sorghum bushels and 11.2 million wheat bushels (poor).

·         Soymeal sales during the week at 316.6K metric tons were the largest since the first week of October, with actual shipments were even stronger at 384.8K tons.

·         March options expire today, with attractive strike prices at $10 for soybeans and $3.80 for corn.

·         Grain and oilseed prices are under pressure from USDA’s relatively large 2015-16 stocks projections and from weak export sales.

·         A government arbiter warns that negotiations will be moved to Washington, D.C. if a settlement is not reached in the West Coast port slowdown by the end of the day today.

·         Cash hogs are steady to $1 higher today.

·         Corn futures are 4 cents lower, trading near $3.85.

·         Soybeans are 7 cents lower, trading near $10.00

·         Wheat futures are down 9 in Chicago and KC, while down 6 in MN.

·         Live cattle futures are $0.85 to $1.55 lower after erasing early gains today. Cattle-on-Feed report is this afternoon, with expectations that on-feed numbers will be near year ago levels, while January placements fall 13% below year ago levels.

·         Feeder cattle are generally $1 to $2 lower on weakness in the fat cattle market.

·         Lean hogs are steady to 90 cents higher on hopes of a West Coast settlement and firmer cash market.

 

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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