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Midday Update

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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

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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