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Midday Update

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Midday Update

·         Export shipments for the week ending February 19 totaled 35.5 million bushels of corn (good), 10.6 million bushels of grain sorghum (strong), 35.3 million bushels of soybeans (good), and 18.4 million bushels of wheat (good).

·         A narrow window of 4 or 5 days is opening up for soybean harvest and safrinha corn planting in Mato Grosso, but then the rains return.

·         Good are moving again at West Coast ports, but it will likely take months to work through the backlog.

·         The dollar is up 200 points, but that is down nearly 500 points from its early-day high.

·         Some money is starting to slowly flow back into the broader commodity complex, but crude oil remains below $50 per barrel.

·         Pork prices are posting strong signals on the charts on ideas a seasonal low has been made as the West Coast ports open up once again.

·         Corn prices are down 4 cents on fears of a second harvest as farmers bring the 2014 crop to town.

·         Soybeans are up 1-cent on strong upfront demand amid the Brazilian delay of soybeans reaching port due to rain delays and the trucker’s strike.

·         Wheat futures are down 5 cents in Chicago and steady to 1-cent lower in KC & MN on bearish charts.

·         Live cattle futures are mixed, garnering support from stronger pork prices and the open ports, but finding pressure from Friday’s cattle-on-feed and cold storage reports.

·         Feeder cattle are down $0.50 to $1.00 on a lack of confidence in strength in the fat cattle market.

·         Lean hog futures are $1.20 to $2.00 higher on positive chart signals and open ports.

 

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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