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Midday Update

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Midday Update

·         The dollar dropped sharply in profit taking after failing to test the March 2009 highs this morning.

·         The Dow Jones Industrial Average has been down more than 200 points at times on global economic concerns after China took steps to tighten collateral requirements for short-term loans.

·         Crude oil dropped to a new low $62.25 early today, before rallying on a rapidly dropping dollar.

·         Grain and oilseed prices have tried to follow crude oil and much of the rest of the commodity sector higher on the retreating dollar, but it has struggled at times as sellers respond to the higher prices.

·         Repeated efforts to rally the grain and oilseed complex have been sold, despite interest in building ownership in the broader commodity sector today.

·         Corn futures are up 2 cents on tight farmer selling, but Gulf basis was softer once again on weak demand, with spot basis at its weakest in two months.

·         Soybeans are mixed, while soymeal is up $1 per ton on tight supplies, but both markets have been reluctant to take out overhead resistance on the charts.

·         Wheat prices are down 16 cents in Kansas City, down 13 cents in Chicago and down 12 cents in Minneapolis as the trade again focuses on high U.S. prices relative to much of the rest of the world.

·         Live cattle futures are up $1 to $1.25 per cwt on a technical bounce following recent sharp losses.

·         Feeder cattle futures are steady to $1.25 lower on a weaker cash market.

·         Lean hog futures are mostly 60 to 75 cents lower on soft fundamentals, although the lead December contract is 32 cents higher.

 

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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