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Midday Update

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Midday Update

·         The dollar is modestly weaker this morning, while crude oil is up $2.50 per barrel and the Dow is up 130 points.

·         Money is flowing into the broader commodity sector, led by crude oil, but the grain and oilseed markets continue to have a bearish cloud hanging over them this morning.

·         Export shipments for the week ending April 2 included 40.5 million bushels of corn (strong), 11.8 million bushels of grain sorghum (strong), 20.8 million bushels of soybeans (good) and 13.6 million bushels of wheat (soft).

·         The trade expects this afternoon’s USDA crop progress report to show that 42% of the winter wheat crop rates Good to Excellent, down from the 5-year average of 47%, but above the 35% seen the previous year.

·         Corn is down 2 cents this morning on a focus on high U.S. prices relative to alternative supplies on the global market.

·         Soymeal basis is steady to weak, with futures down $4.70 per ton.

·         Soybeans are down 4 cents as business shifts south of the equator.

·         Wheat futures are down 11 cents in Chicago and KC and down 6 cents in MN, extending losses after the export data was released.

·         Live cattle futures are up 25 to 70 cents following strong cash action on Friday.

·         Feeder cattle are $0.70 to $1.70 higher on strength in the fat cattle and weakness in corn markets.

·         April lean hog futures are down 12 cents, while deferred contracts are up 40 to 85 cents higher on signs of a bottom. Cash hogs are mostly steady to up to $1 higher. The composite product price is down $0.58 per cwt at midday 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

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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