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Midday Update

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Midday Update

·         The euro rallies and dollar falls after Greece indicates that it will present a new compromise on Wednesday, with evidence that it is backing down from its demands.

·         Money is flowing into the broader commodity sector as the dollar drops.

·         USDA’s daily export reporting system today revealed that “unknown destinations” bought another 5.8 million bushels of old-crop soybeans.

·         USDA will release its weekly crop progress report at 3 p.m. CDT this afternoon. The trade is looking for corn planting progress to be near 19% complete, up from 10% the previous week. Our submitted estimate was 18%.

·         The trade expects this afternoon’s report to show that 43% of the winter wheat crop is rated Good to Excellent, matching our estimate and up 1 point from the previous week.

·         Trade chatter suggests that China might cancel some U.S. DDGS cargoes and/or is holding U.S. grain sorghum shipments in quarantine for additional inspection.

·         Export shipments in the week ending April 23 included an impressive 50.9 million bushels of corn, 4.3 million bushels of grain sorghum, 11.4 million bushels of soybeans and 20 million bushels of wheat.

·         Corn futures are 1 to 3 cents weaker this morning. The weaker dollar appears to have made a bigger difference in reducing losses than the largest export shipments in a year.

·         Soybeans are 5 cents higher as processor supplies tighten amid a lack of farmer selling. Processors indicate they’ll take more down time for maintenance next month due to the soybean shortage.

·         Wheat futures are down 12 in Chicago, hitting sell stops at new contract lows. KC is down 8 cents and MN down 9 cents.

·         Live cattle futures are $1.20 to $1.75 lower following Friday’s bearish cattle-on-feed report. Product prices are modestly weaker this morning, but with good movement.

·         Feeder cattle are $2.35 to $2.55 lower on the cattle-on-feed data and weaker cash market.

·         Lean hog futures are up 45 to 60 cents on a cash market that is up to $1 higher this morning and product prices that are firmer as well.

 

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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