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Midday Update

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Midday Update

·         The Department of Labor reported this morning that the economy created 295,000 jobs in February, above Wall Street expectations of 240,000, with unemployment dropping to 5.5%, down from 5.7% the previous month due to the new jobs and 178,000 people dropping out of the job force.

·         The dollar has been more than 1,300 points higher this morning following the jobs report on ideas that the data will push the Federal Reserve toward raising interest rates later this year.

·         Grain and oilseed prices immediately came under pressure as the dollar surged higher, particularly wheat, but that pressure has eased somewhat through the morning.

·         Safrinha corn planting made better-than-expected progress in Mato Grosso this week, although delays remain significant in north-central areas.

·         Corn futures are down 7 cents after failing to press through the top of a chart wedge formation on Thursday.

·         Soybean futures are down 8 cents after breaking below chart support early today as the flow of South American soybeans increases.

·         Wheat futures are mixed on ideas that prices have broken far enough to stimulate demand at current levels, but gains remain limited by the strength of the dollar.

·         Live cattle futures are down 10 to 20 cents while waiting for cash trade. Product prices are modestly lower on slow movement this morning.

·         Feeder cattle are $0.80 to $1.10 higher in follow-through buying as the cash trade firms.

·         Lean hog futures are $0.45 to $0.90 lower. The cash market is steady to $1 lower, while product prices are modestly firmer on slow trade.

 

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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