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Midday Update

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Midday Update

·         The dollar moved back above the 100-day moving average this morning, gaining upward momentum ahead of the weekend. It is currently up more than 600 points, but still remains inside the previous sessions trading range.

·         Crude oil is roughly $1 lower after probing to new 4-1/2 month highs overnight, but also remains above the previous session’s low.

·         Money flow is flowing out of the broader commodity sector.

·         Corn futures are down 5 cents and at new six-month lows on this week’s rapid planting progress, followed by rains to get the crop off to a good start and amid rising production estimates for South America.

·         Soybeans are down 13 cents and are breaking to more than two-week lows on similar dynamics, with losses amplified by the flow of money out of commodities at large.

·         Wheat is down 4 cents in Chicago, 2 cents in KC and 3 cents in MN on broad commodity weakness.

·         Live cattle futures are down 55 to 70 cents on weakness in the product market. Choice cuts are down $2.40, while Select cuts are down $1.67 per cwt this morning. However, cash cattle trade has emerged in Kansas at $160 per cwt on a live basis, up $2 on the week.

·         Feeder cattle are down 35 to 65 cents on weakness in the fat cattle market.

·         Lean hog futures are down 30 to 85 cents on profit taking. The product market is higher again this morning, with the composite price up $0.64 to $73.92 per cwt. The cash market is mostly $1.50 to $3.00 higher across the Midwest today.

 

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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