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Midday Update



Midday Update

·         The dollar remains quite volatile today following a surprise move by Switzerland to remove caps on gains its franc could make on the euro. The broader commodity complex  had been trying to rally until the dollar moved to an 11-year high.

·         USDA’s daily export reporting system today included another sale of 5 million bushels of U.S. old-crop corn to Japan.

·         Egypt bought another 8.8 million bushels of French wheat this morning. U.S. wheat still can’t compete with our strong dollar.

·         Informa reportedly revised its 2015 corn acres estimate to 88.6 million, up 600K from its previous estimate. Soybeans were dropped to 88.0 million acres, down 750K from previous.

·         Soymeal basis was down from $3 to $19 per ton across the Midwest today.

·         The National Oilseed Processors Association reports that its members crushed 165.383 million bushels. The trade was looking for 166.9 million. The total matches the record monthly total seen one year earlier.

·         Cash hogs are mostly steady in the Midwest, to occasionally 50 cents weaker.

·         Corn futures are steady to firm in choppy trade.

·         Soybeans are down 16 cents, while soymeal is down $7.70 per ton.

·         Wheat is down 6 cents in Chicago, down 2 cents in KC and down 1-cent in Minneapolis.

·         Live cattle futures are modestly mixed. Product prices are mixed as well in slow movement.

·         Feeder cattle futures are down $1.60 to $2.20 per cwt on weakness in the fat cattle market combined with corn prices holding.

·         Lean hog prices are modestly mixed. Product movement is slow, while the composite pork product price is down $1.31 from Wednesday.


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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