Home Market Market Watch Midday Update

Midday Update



Midday Update

·         The dollar rallied more than 1,000 points from the previous day in this morning’s strength, although it is now off those highs.

·         Money is flowing out of the broader commodity sector, with crude oil below $48 per barrel.

·         Grain and oilseeds are hanging onto modest gains, with buying increasing a bit in recent trade.

·         Allendale surveyed producers in 30 states, revealing intentions to cut corn acres by 2 million, while adding 2.3 million acres to soybeans this year.

·         Corn futures are 3 to 4 cents higher.

·         Soybean futures are up 9 cents.

·         Wheat futures are up 6 cents on short-covering on dryness in the Plains.

·         Feeder cattle are generally $2.85 to $3.25 higher on good demand at the sale barn.

·         Live cattle futures are following, currently trading $0.50 to $1.20 higher. Feeders are asking $163 to $164, up a couple dollars from last week, but packers aren’t responding yet. Boxed beef prices are slightly lower on routine movement.

·         Lean hog futures are down $0.65 to $1.55 on weak fundamentals. The cash market is mostly steady, although up to 50 cents weaker in Illinois. Product prices are modestly higher, but movement is routine for a Wednesday. Avian flu in Arkansas raises fears of export bans that would back up poultry supplies here, competing with pork.


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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