Home Market Market Watch Midday Update

Midday Update



Midday Update

·         USDA’s daily export reporting service today confirmed the sale of 4.5 million bushels of U.S. old-crop corn to Mexico and 108,863 metric tons of new-crop soymeal to Canada.

·         The Department of Energy reports that crude oil stocks rose another 8.2 million barrels in the week ending March 20 and continue to be the highest on record (80 years) for this point in the season.

·         Ethanol stocks rose to 21.3 million barrels in the week ending March 20, versus 20.8 million the previous week and 15.7 million the previous year.

·         Ethanol production rose to 953K barrels per day during the week, versus 947K the previous week and 885K in the same week last year.

·         Midwest cash hogs are mostly steady to 50 cents weaker once again today.

·         Corn futures are 1-cent higher after breaking above the 100-day moving average in December on trade expectations of roughly a 2 million-acre cut in area this spring.

·         Soybean futures are up 3 cents as the oilseed rides the tide of money flowing into the broader commodity complex and on strong soymeal demand.

·         Wheat futures are 3 cents lower in Chicago on good rains for Russia, while KC is fractionally higher on a drier outlook for the Plains and Minneapolis is 2 cents higher.

·         Live cattle futures are $1.10 to $1.50 lower in consolidation today. Feeders in the Plains are said to be asking $166 to $167, while packers have been slow to respond.

·         Feeder cattle 40 cents higher in the nearby, but weaker in the deferred.

·         Lean hog futures are mixed ahead of Friday’s quarterly hogs and pigs report.


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

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