Home Market Market Watch Midday Update

Midday Update

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Midday Update

·         USDA’s daily export reporting service today indicated that “unknown destinations” bought another 5.1 million bushels of U.S. old-crop soybeans and 2.2 million bushels of new-crop soybeans.

·         Bearish sentiment continues to over-shadow the corn and soybean markets, while short-covering lifts wheat modestly as forecasters sound a bit less confident about relief in some dry areas of the Central Plains.

·         Reuters reports that the EPA will announce an agreement today to release its proposed biofuel use targets for this year by June 1 and to finalize its targets for 2014 & 2015 by November 30.

·         The dollar remains at three-week highs, up roughly 250 points, with crude oil up a half-dollar.

·         Corn futures are down 3 cents, with May trading fractionally above its April 1 low and December holding at $4 thus far.

·         Soybeans are down 7 cents, with May at its lowest level since October and November breaking below support near $9.40.

·         Wheat futures are steady to mixed in Chicago and Minneapolis while 1-cent higher in KC.

·         April live cattle traded the $3 limit lower earlier on light volumes of cattle trading $4 lower yesterday on the cash market, but are trading $1.70 to $2.75 lower currently. Fund selling has been heavy.

·         Feeder cattle futures are trading $3.25 to $3.45 lower on weaker fat cattle prices.

·         Lean hog futures are $0.50 to $1.10 higher on signs that a near-term bottom is behind us, although product prices are modestly lower this morning.

 

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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