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Midday Update



Midday Update

·         Commodity Weather Group is expecting a relatively wet pattern for the bulk of the 6-15 day period bringing delays to Brazil’s harvest and planting Safrinha corn.

·         Ethanol stocks increased to 21.594 million barrels.  This is up 2.42% vs. last week and up 26.84% vs. last year.  Stocks are at their highest level since summer of 2012.

·         Egypt purchased another 4.4 million of wheat for 2014/2015.

·         Outside markets are supportive in the macro sense with the dollar trading lower and crude and particularly metals higher on the day.

·         Talk is emerging that we may see South American soymeal imports into the Southeast U.S. utilizing cheap freight and currency exchange rates into April and beyond.

·         Corn futures are down 3 with following through selling after yesterday’s poor close.

·         Soymeal is down $3.70 per ton, while soybeans are down 1 cent.

·         Wheat is down 7 cents in Chicago, down 7 in KC and down 8 in MN, with technical selling.

·         Live cattle futures are up over $1.00 correcting from yesterday’s losses.

·         Feeder cattle futures are $1.50 higher on the fat cattle strength.

·         Lean hog futures are higher on the day.


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