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Midday Update

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Midday Update

·         The dollar is breaking lower this morning, on thoughts that interest rates may not be hiked this year, supporting money flow back into the broader commodity sector.

·         Crude oil prices firm to the highest level in four months on ideas that the lowest rig count in five years is dropping production below demand levels.

·         Export sales for the week ending April 16 included 34.4 million bushels of corn, 5.6 million bushels of grain sorghum, just 4.0 million bushels of soybeans and 19.3 million bushels of wheat.

·         Scattered blockages are being reported in Brazil due to a truckers strike that began at midnight, including three roads in Mato Grosso.

·         Wednesday’s USDA cold storage report showed that beef and pork supplies in the freezer were up 18% and 16% respectively from the previous year on March 31, but that both were also down 2-3% from the previous month, showing that the build was reversing.

·         May grain and oilseed options expire Friday, leading to prices gravitating to active strike prices above the market.

·         Corn futures are up 5 cents on the above factors.

·         Soybeans are up 12 cents, with soymeal up $3.30 per ton.

·         Wheat futures are up 3 cents in Chicago and MN, but spread unwinding is lifting KC 8 cents.

·         Live cattle futures are $2.70 to $2.95 higher on ideas that recent losses were overdone and on support from the cold storage report.

·         Feeder cattle are up to $4.00 higher on a declining supply of light-weight cattle due to an increase in heifer retention.

·         Lean hog futures are up $1.05 to $2.00 on the cold storage report and a stronger cash market.

 

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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