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Midday Update



Midday Update

·         The dollar bounced following its sharp losses on Wednesday, rising more than 700 points at times.

·         We’re seeing a sharp turnaround in money flow, moving out of the broader commodity sector as the dollar rallies, including significant losses in crude oil.

·         Export sales for the week ending April 30 (million bushels); corn 33.1 old- & 2.2 new-crop, grain sorghum -0.07 old- & 4.4 new-crop; soybeans 12.5 old- & 12.9 new-crop; wheat -5.4 old- & 16.4 new-crop.

·         Traders took note that both China and “unknown destinations” cancelled previous purchases of both corn and soybeans in the week ending April 30, raising concerns about longer-term demand, with China also canceling previous purchases of hard red spring wheat.

·         Corn futures are down 4 cents on the above factors, including a stronger dollar and slipping ethanol demand.

·         Soybean futures are down 7 cents on the above, with traders taking note of Chinese cancellations.

·         Wheat futures are down 4 cents on improving yields as participants move east in this week’s crop tour and on Chinese cancellations.

·         Live cattle futures are down 45 to 60 cents on rising skepticism on this week’s cash trade.

·         Feeder cattle are steady to 55 cents higher on weaker corn prices and stable cash prices for light-weight cattle.

·         Lean hog futures are steady to 35 cents higher on continued strength in both the cash and product markets. Cash hogs are steady to $1 higher, with the composite product price up another $1.19 per cwt.


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

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