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Midday Update



Midday Update

·         The dollar surged to a fresh four-year high this morning after Japan injected another round of stimulus into its economy, weakening the yen.

·         Money has been flowing out of the broader commodity sector this morning as the dollar rallies.

·         Soymeal continues to get support from upfront tight supplies, but corn & soybeans are both starting to see increased farmer sales and the whole complex feels the pressure of a strong dollar.

·         A few thousand head of cattle have traded this morning in Kansas at $168 per cwt on a live basis, down $2 from the previous week.

·         Corn futures are down 4 cents on the above.

·         Soymeal is up $6, while soybeans are up 3, but the strength is primarily in the lead contracts.

·         Wheat is down 12 cents in Chicago, down 14 in KC and down 9 in MN.

·         Live cattle futures are trending lower on the above cash sales reports, with December to February futures down $1.40 to $1.45.

·         Feeder cattle were higher on cheaper corn, but are now being pulled 15 to 60 cents lower on weakness in the fat cattle market.

·         Lean hog futures are 10 to 25 cents higher in the front months, while 20 to 40 cents lower in the deferred. Product prices are lower, while cash hogs are mostly steady.


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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