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Midday Update

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Midday Update

·         Brazil’s government said late Wednesday it would extend a year of free financing for vehicles from a state development bank, keep diesel prices unchanged for six months, and help truckers and transport companies work out a framework for setting freight rates.

·         Some Brazilian truckers agreed to end a nine day strike that has hampered grain movement across much of the country, but many other truckers are still holding out for more concessions from the government.

·         The dollar has gotten stronger toward midday breaking out of a wedge pattern for higher.

·         Soybean futures are up 12 cents and soymeal is up over $3 per ton.

·         Corn futures are 4-5 cents higher following soybeans.

·         Wheat futures are up 1-3 cents reversing back higher after making a new swing low today.

·         Live cattle futures are around $2.00 higher as boxed beef prices are showing positive momentum.  Cash cattle prices have weakened with some cash bids around $156 yesterday in NE.

·         Feeder cattle are up over $2.50.

·         Lean hogs are down around $1.40 on profit taking and technical seller interest. 

 

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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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