Home Market Market Watch Midday Update

Midday Update



Midday Update

·         Export sales for the week ending March 19 included 17.1 million old- and 1.1 million new-crop corn bushels (weak); 2.3 million old- & 9.0 million new-crop grain sorghum (solid); 18.6 million old- & 8.1 million new-crop soybeans (good) and 3.8 million old- & 2.9 million new-crop wheat bushels (poor).

·         The weekly sales data surprised traders when it included the sale of 2.4 million bushels of corn to China, but that news was over-shadowed by “unknown destinations” reducing previous purchases by 13.2 million.

·         USDA’s daily export reporting system today indicated that “unknown destinations” bought 10.3 million bushels of new-crop soybeans in the past 24 hours.

·         Trade sources report that Algeria bought 16.5 million bushels of optional origin wheat this morning.

·         Corn and soybean prices tumbled earlier this morning, but are now stabilizing and slowly recovering, while wheat prices continue to slide as prices hit sell stops.

·         Corn futures are down 4 cents, with the new-crop soybean/corn price ratio at 2.31.

·         Soybean futures are down 4 cents, with soymeal down $1.60 per ton.

·         Wheat futures are down 16 cents in Chicago and KC, while down 13 cents in MN.

·         Live cattle futures are $0.50 to $1.00 lower as prices consolidate while waiting for cash trade. Boxed beef prices are modestly higher.

·         Feeder cattle futures are mostly $0.30 to $1.50 lower, following the fat cattle market.

·         Lean hogs are mostly $1 high as traders square positions ahead of Friday afternoon’s USDA quarterly hogs and pigs report. Cash hogs are mostly steady. Product prices are $1.51 higher on slow movement.


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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