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Midday Update



Midday Update

·         The dollar is off more than 500 points in profit taking, but well off its lows after failing to test Wednesday’s lows.

·         Crude oil continues to trade below $48, with yesterday’s inventory report showing the largest stocks on record (80 years) for this time of year.

·         Export sales for the week ending March 5 included 16.5 million old- & 3.8 million new-crop corn bushels (very low), 8.6 million old- & 8.5 million new-crop grain sorghum bushels (strong), 6.2 million old- & 1.1 million new-crop soybean bushels (weak) and 16.4 million old- and 1.8 million new-crop wheat bushels.

·         There are rumors of possible corn shipments working into the Southeast from Europe and Brazil.

·         There is also trade chatter that a cargo of U.S. soymeal purchased by Europe may be switched to Brazilian origin.

·         Corn is down 2 cents on export news.

·         Soybeans are steady to down 1 on the same.

·         Wheat is up 8 cents in Chicago, 5 cents in Kansas City and 2 cents in Minneapolis on short covering on weather concerns. The cheap Canadian dollar is hurting gains in Minneapolis.

·         April lean hogs are down the $3 daily limit on fears that avian flu will result in blocked poultry exports, flooding the U.S. retail market with cheap alternative meat supplies.

·         Fat cattle are down $0.60 to $1.20 as those fears spill over to the beef sector. Packers are bidding $161, while feeders are asking $163 to $164.

·         Feeder cattle  are down $1.00 to $1.55 on the meat sector fears.


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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