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Midday Update

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Midday Update

·         The dollar recovered from early losses and is modestly higher, trading to new 11-year highs today.

·         The continuous commodity index dropped to new 5-1/2 year lows today as the dollar pushed higher as money flows out of the broader commodity sector.

·         Export shipments for the week ending March 5 totaled 46.5 million bushels of corn (strong), 2.1 million bushels of grain sorghum (routine), 23 million bushels of soybeans (soft) and 13.8 million bushels of wheat (routine).

·         Grain and oilseed prices however are pushing higher ahead of tomorrow morning’s USDA crop report.

·         Corn futures are up 3 cents and remain confined within a converging wedge formation on the charts.

·         Soybeans are up 9 cents, finding support from South American shipping delays, even though they have not notably resulted in increased demand for U.S. soybeans.

·         Wheat futures are up 10 cents on speculative short-covering ahead of tomorrow’s USDA report and on some bargain-hunter buying.

·         Live cattle futures are down 35 to 65 cents after a push to higher prices on Friday’s strong cash trade failed to uncover follow-through interest.

·         Feeder cattle are $0.50 to $1.00 lower on weakness in the fat cattle market and stronger corn.

·         Lean hog futures are 50 to 70 cents weaker on a downturn in the cash index as weather improves, allowing an increased flow of hogs to market. Product prices are mixed to firm.

 

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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