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Midday Update

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Midday Update

·         The Department of Energy reports that ethanol stocks rose to 21.3 million barrels in the week ending April 17, up from 20.6 million the previous week and 16.5 million in the same week last year.

·         Ethanol production rose to 930K barrels per day during the week, up from 924K the previous week, but down from 935K the previous year.

·         Ethanol production used an estimated 98.7 million bushels of corn last week. Usage to date is ahead of the seasonal pace needed to reach USDA’s target, but is losing ground.

·         Outside of the energy sector, money is flowing out of the broader commodity sector this morning.

·         The new-crop soybean/corn price ratio traded to 2.43 to 1 this morning, effectively favoring more soybean acres.

·         Corn futures are down 2 cents and hovering just above key support after probing below that support in search of sell-stops earlier.

·         Soybeans are down 8 cents as demand for U.S. soybeans and meal wanes.

·         Wheat futures are 1 to 3 cents weaker on soft demand and weakness in the broader commodity sector and amid forecasts for more rains in the Plains.

·         Live cattle futures are 30 to 50 cents weaker as prices consolidate near Monday’s lows.

·         Feeder cattle futures are steady to 35 cents weaker, following the lead of the fat cattle market.

·         Lean hog futures are down $1.40 to $2.05 as the trade tries to figure out whether avian flu is friendly or bearish for hogs.

 

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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