Home Market Market Watch Midday Update

Midday Update



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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