Home Market Market Watch Midday Update

Midday Update



Midday Update

·         The Department of Labor reports that the economy created 223,000 jobs in April, near expectations of 220,000, but up from a very low 85,000 the previous month.

·         Yet, the number remained low enough to create expectations of continued stimulus from the Fed, leading to aggressive buying in the equity markets.

·         The dollar and crude oil are both quietly mixed, generally moving in opposite directions.

·         Traders are focused on positioning for Tuesday’s USDA crop report, but in many cases that means lightening their load of massive short (sold) positions just in case USDA has a surprise up its sleeve.

·         Corn futures are 1-cent higher.

·         Soybeans are quietly mixed.

·         Wheat futures are up 6 to 7 cents on problems in the Plains and positive chart signals.

·         Cattle futures are up $2 on cash optimism. Boxed beef prices are higher as well.

·         Feeder cattle are 60 cents higher on similar dynamics.

·         Lean hogs are modestly higher on cash and product prices that are firm.


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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