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Midday Update

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Midday Update

·         USDA’s daily export reporting system today included notice that exporters sold another 4.8 million bushels of old-crop corn to “unknown destinations” in the past 24 hours.

·         The dollar broke lower this morning when durable goods orders data fell short of expectations, suggesting a weak 1st quarter GDP, which would leave interest rates low in the months ahead.

·         The Brazil truckers strike yielded 11 road blockages today, down from 17 on Thursday.

·         Soybean harvest is in its final phases in Brazil, while progress is at 46% in Argentina, up 14 points over the past week.

·         A weaker dollar has not been a savior for the grain and oilseed complex, with speculative hedge fund managers showing their bearish leanings for the grains.

·         Corn futures are 5 to 6 cents lower on chart selling after key support gave way overnight on prospects that the planting window will open up next week.

·         Soybean futures were down 8 cents on broad bearish selling of the speculative funds, with Argentine production estimates edging closer to 60 mmt.

·         Wheat futures are down 9 cents in Chicago and 10 cents in KC & MN on weak demand amid ample world supplies of cheaper grain.

·         Live cattle futures are $1.25 to $1.40 higher in follow-through buying on improving demand data in recent days, although product movement in the spot market was slow at mid-morning at just 68 loads, with Choice cuts down $1.23 and Select down $1.76 per cwt.

·         Feeder cattle are $1.40 to $1.90 higher on improving prospects for the fat cattle market and weaker corn prices, even as supplies of light-weight cattle decline on higher heifer retention.

·         Lean hog futures are steady to $0.75 higher on follow-through buying. However, product prices are weaker on soft movement 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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