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Midday Update

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Midday Update

·         Brazil is stepping up arrests and fines for truck blockades, so reports indicate that those blockades are moving to state roads where federal government can’t apply fines.

·         Yet, that move is allowing an increase in movement. Trucks arriving at the southern port of Paranagua early today numbered 514, up from 255 at the same point yesterday.

·         Safrinha corn planting progress in Mato Grosso at 64% as of Thursday, down from 5-year average of 75%, but showing great advancement this week. However, pattern turns wetter again now, with 25% likely not planted as we move into March.

·         China bought 2.4 million bushels of old-crop and 2.4 million bushels of new-crop grain sorghum over the past 24 hours.

·         Saudi Arabia bought 5.5 million bushels of U.S. old-crop corn in the past 24 hours.

·         The dollar still shows modest losses, but it is well off its lows after the Department of Commerce revises 4th quarter GDP to 2.2%, down from its initial estimate of 2.6%.

·         Corn futures are up 2 cents this morning on good demand and safrinha corn planting delays.

·         Soybeans are up 4 cents on upfront demand, while November is fractionally lower.

·         Wheat is up 10 cents in Chicago on short-covering amid reports of winterkill damage from earlier in the winter becoming apparent now in northwestern portions of the Southern Plains hard red winter wheat belt. Kansas City is up 4 and Minneapolis is up 2, suggesting that this is largely short-covering and likely doesn’t have this point have the needed strength to sustain a rally.

·         February live cattle are trading at $161.70 as they prepare to expire, suggesting expectations that we will see cash trade today near that level, while the deferred contracts are lower. Boxed beef prices are again higher, but on slow trade.

·         Feeder cattle are steady to $1.35 lower on general weakness in the fat cattle market.

·         Lean hog futures are steady to 40 cents higher in the nearby, while the summer contracts are steady to 50 cents lower. The composite pork product price is $1.85 higher, but on slow movement. Today’s cash market is mostly steady.

 

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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