Home Market Market Watch Midday Update

Midday Update

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Midday Update

·         The dollar continues to post very modest losses in a day of consolidation today, while crude oil is down $2.40 per barrel after turning lower at the 100-day moving average on Tuesday and after a bearish energy stocks report.

·         The Department of Energy reported the largest crude oil build since 2001, as crude stocks rose by 10.9 million barrels in the week ending April 3, reaching a new record high of 482.4 million barrels.

·         The weekly energy report showed that ethanol stocks remained largely unchanged at 20.5 million barrels, but up from 16.4 million barrels in storage the previous year.

·         Ethanol production during the week slipped to 936K barrels per day, down from 952K barrels the previous week, but up from 896K barrels per day in the same week last year.

·         A blocked entrants to Brazil’s largest port at Santos will be opened to trucks delivering soybeans overnight, according to the port authority.

·         Corn futures are down 5 cents; currently holding just above trend line support off the March and April lows.

·         Soybean futures are mixed.

·         Wheat futures are down 1-cent in Chicago, down 3 cents in KC and down 1-cent in MN.

·         Live cattle futures are 10 to 50 cents lower while waiting for this week’s cash trade. Packers are said to be passing offers of $170 per cwt in the Plains. Boxed beef prices are higher again on routine movement.

·         Feeder cattle are quietly mixed waiting for direction.

·         Lean hog futures are 15 to 50 cents higher in consolidation. Product prices are modestly higher in good movement. Cash hogs are mostly steady.

 

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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