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Midday Update

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Midday Update

·         The Dow Jones Industrial Average pushed above 18,000 for the first time after the Department of Commerce revised third quarter GDP to 5.0%, an 11-year high.

·         The dollar surged to its highest level since spring 2006 on the news, ignoring disappointing durable goods and housing data.

·         Crude oil prices are higher today on the stronger GDP data.

·         Commodity Weather Group’s initial look at the Midwest spring based on sea surface temperature anomalies calls for a warm, dry March to May period. However, confidence is low, based on a small number of analog years.

·         Corn futures are up 4 cents on record ethanol production amid slow farmer selling. Gains are limited by the belief that a big Southern Hemisphere crop is coming.

·         Soybeans are up 6 cents on record exports, and likely record crush, amid slow farmer selling, but gains again are limited by expectations of a huge South American crop.

·         Wheat is up 10 cents in Chicago and 8 cents in Kansas City and Minneapolis on positive chart signals, despite being over-priced on the world market.

·         Live cattle futures are down 50 to 80 cents following yesterday’s USDA cold storage report showing building beef supplies.

·         Feeder cattle futures are down $2.25 to $3.40 per cwt on a rapidly weakening cash market a sale barns.

·         February lean hog futures are up $1.425, while the April to July contracts are $0.40 to $1.30 higher following a cold storage report showing a sharp drop in ham supplies, along with position squaring ahead of this afternoon’s USDA quarterly hogs and pigs report. Product prices are steady, while cash hogs are mostly $1 lower.

 

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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