Closing Comments

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Closing Comments

Corn

Exporters sold 27.5 million bushels of corn in the week ending December 11,=
including 27.3 million of this year’s crop. The current-year sales were do=
wn from 37.9 million sold the previous week and down from the five-year ave=
rage for the week of 29.1 million bushels. The past week’s total included n=
o new sales to China, but 10.6 million bushels were listed to “unknown dest=
inations.”

Marketing year sales to all destinations total 961 million bushels, down 82=
million or 8% from the previous year. Sales to date exceed the seasonal pa=
ce needed to reach USDA’s target by August 31 by 51 million bushels, down f=
rom 54 million the previous week. However, actual shipments are trailing th=
e pace as exporters concentrate on getting soybeans shipped.

Exporters sold 5.8 million bushels of grain sorghum in the week ending Dece=
mber 11, down from 12.5 million the previous week, but up from the five-yea=
r average for the week of 2.4 million bushels. The past week’s total includ=
ed 5.7 million bushels sold to Chinese feed mills. We’ll be watching to see=
if this business drops off with the apparent approval of Viptera corn for =
import once again.

Marketing year sales to all destinations total 200 million bushels, up 103 =
million or 106% from the previous year. Exporters typically sell 43% of the=
year’s final shipments by this point in the marketing year, whereas they h=
ad sold 46% by this point last year. However, this year they have already s=
old 87% of USDA’s target for the year ending August 31. As such, sales to d=
ate exceed the seasonal pace needed to reach USDA’s target by 98 million bu=
shels, up from 97 million the previous week.

USDA’s daily export reporting system today showed more business done in the=
past 24 hours. “Unknown destinations” bought another 5 million bushels of =
this year’s corn. We probably won’t know who the buyer until it is shipped,=
but it could be Mexico, Japan, South Korea, or possibly even China.

Growing conditions have been very good across the bulk of Brazil, but an ar=
ea of dryness is beginning to impact crop production in Argentina; namely i=
n Cordoba. Most of the dryness is in the southern half of Cordoba, impactin=
g 20% of the nation’s corn and 15% of its soybeans.

USDA released some of its 10-year baseline projections early this year, giv=
ing us a peak into what their economists foresee for the years to come. Kee=
p in mind that their estimates are purely economic analysis without talking=
to farmers. That said, the agency projects farmers planting 88.0 million a=
cres of corn in 2015, down from 90.9 million in 2014. As such, ending stock=
s for the 2015-16 marketing year are expected to fall to 1.733 billion bush=
els, although that’s still not bullish.

March corn added to recent gains today, rising from a bull-flag on the char=
ts. However, the market didn’t exactly end the day with a great deal of con=
viction. The 200-day moving average is at $4.22, with chart gap resistance =
at $4.23 to $4.26. Otherwise, a break below $4.00 would be expected to incr=
ease the sales pace.

Soybeans

Exporters sold 38.4 million bushels of soybeans in the week ending December=
11, but just 25.6 million of the total was for this year’s crop. The curre=
nt-year sales were down from 29.8 million sold the previous week, but were =
still above the five-year average for the week of 19.9 million bushels.

The past week’s total included 14.8 million bushels sold to China, but that=
was partially offset by reductions for “unknown destinations” of 10.9 mill=
ion. Unknown destinations did buy 8.1 million bushels of new-crop soybeans.

Marketing year sales to all destinations total 1.512 billion bushels, up 81=
million or 6% from the previous year. Exporters typically sell 67% of fina=
l soybean shipments by this point in the marketing year, whereas they had s=
old 87% by this point last year. However, this year they have sold 86% of U=
SDA’s target for the year. As such, it would appear that we should expect o=
ld-crop sales to China to slow dramatically in the weeks ahead, although a =
late spurt in mid- to late January often occurs. Sales to date for all dest=
inations exceed the seasonal pace needed to reach USDA’s target by August 3=
1 by 326 million bushels, but that is down from 335 million the previous we=
ek.

Soymeal sales totaled 146.8K metric tons in the week ending December 11, up=
from 88.8K tons the previous week and very close to the five-year average =
for the week of 145.7K tons. However, the total included more cancellations=
for “unknown destinations” totaling 127.9K tons.

Actual shipments to all destinations during the week remained strong at 298=
K tons as processors fill existing orders. The weekly shipment total was do=
wn from 307.1K the previous week, but still above the five-year average for=
the week of 168.4K tons. This continues to support snug soymeal supplies, =
particularly with DDGS starting to flow to China once again.

USDA’s daily export reporting system today reflected business done when a C=
hinese delegation was in Chicago earlier this week, with a ceremonial signi=
ng of a purchase agreement. We were told at that time that China agreed to =
purchase 36.7 million bushels of soybeans for delivery in the 2015 calendar=
year. Well, this morning’s release indicate that China bought 55 million b=
ushels, but it is all listed as shipment in the 2015-16 marketing year, so =
this week’s signing was apparently all new-crop sales with little impact fo=
r the market.

USDA’s baseline projects suggest that farmers will plant 84.0 million acres=
in 2015, down slightly from 84.2 million in 2014. Yet, it projects 2015-16=
marketing year ending stocks at 519 million bushels, which would certainly=
be expected to pressure prices.

Soymeal basis continues to soften, suggesting that we are slowly turning th=
e corner on this year’s fundamentals. Cash basis was down $1 to $5 across m=
uch of Iowa and Minnesota Wednesday. Today, we see rail offers down $20 to =
$30 across much of the Midwest, with truck basis down $5 at Kansas City.

January soymeal saw follow-through buying today after bouncing off an area =
of support above $350 per ton early on Wednesday. That supported soybeans a=
s well. However, I wasn’t impressed with the close and am concerned about g=
rowing weakness in soymeal basis. A break of spot soybean futures below $10=
would be expected to accelerate selling, while a move above $10.60 would b=
e supportive.

We are seeing an area of dryness develop in Cordoba, Argentina. The dryness=
impacts about 15% of Argentina’s soybeans. However, conditions in the rema=
inder of Argentina remain good, with high yields expected in Brazil as well=
.

Wheat

Exporters sold 18.7 million bushels of wheat in the week ending December 11=
, including 17.5 million old-crop bushels. The old-crop sales were up from =
16.3 million sold the previous week, down from the five-year average for th=
e week of 20.1 million, but still an 11-week high. Again, no sales to eithe=
r Brazil or China.

Marketing year sales to all destinations total 656 million bushels of wheat=
, down 212 million or 24% from the previous year. Sales to date exceed the =
seasonal pace needed to hit USDA’s target by May 31 by 10 million bushels, =
up from 8 million the previous week.

USDA’s daily export reporting system today reflected a new sale of 4.2 mill=
ion bushels of U.S. hard red spring wheat to Mexico. However, 3.3 million b=
ushels of the total were for the 2015 crop.

Argentina raised its wheat production estimate to 13.2 million metric tons,=
or 485 million bushels today. The latest estimate is up from 12 mmt or 441=
million bushels previously. USDA’s December crop report also pegged Argent=
ina’s wheat crop at 12 mmt. There are some quality concerns due to persiste=
nt rains, particularly for wheat in Buenos Aires.

USDA expects 2015 wheat acres to drop to 56.0 million acres in 2015, down f=
rom 56.8 million this year. However, it expects 2015-16 marketing year whea=
t stocks to rise to 700 million bushels, suggesting little reason to sustai=
n a rally. Prices continued higher today on Russia export restrictions, but=
there’s a lot of air beneath the market. Sources in the wheat trade say th=
ey expect Ukraine to make up much of the lost business, with U.S. sources g=
arnering little of the business.

President Obama’s move to normalize relations with Cuba has longer-term imp=
lications for the wheat market. We can expect to sell about 18 million bush=
els of hard red winter wheat to Cuba annually once conditions are normalize=
d, but that will take some time.

Yet, Wall Street money loves headlines about wheat, which has the market su=
pported to this point. That support will likely quickly collapse once the h=
eadlines dry up, if not sooner.

Beef

The CME Group finally tripped the pressure-relief valve late Wednesday, exp=
anding feeder cattle daily limits to $4.50 per cwt, with expanded limits of=
$6.75 in place should we have traded the $4.50 limit at settlement. The le=
ad contract opened at the new $4.50 limit lower at $212.10 per cwt, before =
firming from that level. The opening represented a $33.10 per cwt drop on t=
he continuation charts from the October 9 record high. It represented a $27=
.20 per cwt decline from the high for the January contract.

Feeder cattle opened the new limit lower, firmed into positive territory, d=
ropped negative again, before finishing pit trade on a strong note. It cert=
ainly helped to finally find a level where trades could get cleared. The ca=
sh continues to slide, but it’s well above the futures market. The latest C=
ME cash index came in at $234.69 per cwt, down $0.58 on the day. The index =
is down $10.30 per cwt from its December 2 record high.

Fat cattle trade followed the lead of the feeder cattle market. However, sh=
ort-covering was more robust once traders saw that the feeder cattle market=
was stabilizing, leading the fat cattle market to move the $3 daily limit =
higher. As such, we should see the limit expand to $4.50 per cwt tomorrow. =
Keep in mind that expanded limit is for movement in either direction.

Wednesday’s kill was estimated at 101K head, down 11K from the previous wee=
k and down 20K from the previous year. Slaughter for the week to date is es=
timated at 327K head, down 9K from the previous week and down 36K from the =
previous year. That is a big reason why the cash market has turned soft, as=
demand weakens.

Boxed beef movement jumped to 204 loads on weaker prices Wednesday, up from=
189 loads the previous day, but down from 221 loads the previous week. Cho=
ice cuts were down $0.47 to $242.41, while Select cuts were down $3.12 to $=
231.13 per cwt. That pushed the Choice/Select spread to $11.28 per cwt, up =
from $8.63 the previous day, but down from $13.58 the previous week. Moveme=
nt at mid-morning today was routine at 90 loads, with Choice cuts up $0.11 =
and Select cuts down another $0.57 per cwt.

Export demand for beef is slowly returning. USDA reports that exporters sol=
d 11.1K metric tons of beef in the week ending December 11, up from 9.9K th=
e previous week and a three-week high. Actual shipments during the week sli=
pped to 13.9K tons, down from 14.0K the previous week.

Many traders hoped that the market would give them a chance to square their=
positions ahead of tomorrow’s USDA cattle-on-feed report. CME Group had in=
centive to allow that as well. That may have helped push it to move to expa=
nd the limits.

Pork

Lean hog futures were oversold and due for a correction. Many traders would=
like to square their positions and pocket profits in the oversold market a=
head of Tuesday’s USDA quarterly hogs and pigs report. Strength in the beef=
complex allowed the pork market to firm as well.

Fundamentally, this market remains soft, with expectations that the industr=
y will continue to expand amid cheap corn and new-found abilities to manage=
the PED virus. However, traders know that USDA has become known for its su=
rprises in these quarterly reports.

Today’s cash market was mostly a $1 lower, although the closely followed Io=
wa/Southern Minnesota market was $1 to $2 lower. Producers are pulling hogs=
forward fearing lower prices, but slaughter schedules will be shorter the =
next two weeks due to the holidays. The latest CME cash index came in at $8=
5.95 per cwt, down $0.65 on the day, down $2.56 on the week and a new 10-mo=
nth low.

Wednesday’s kill is estimated at 430K head, up 1K from the previous week, b=
ut down 9K from the previous year. This week’s estimated kill to date is 1.=
292 million head, up 4K on the week, but down 18K from the previous year.

Product movement surged to 545 loads Wednesday, up from 402 loads the previ=
ous day, up from 438 loads the previous week and the highest one-day total =
since November 5. However, the demand is coming at the cost of lower prices=
. The composite pork product price Wednesday was at an 11-month low of $87.=
24 per cwt, down $1.74 on the day and down $6.22 over the past two days.

Exporters sold 10.4K tons of pork in the week ending December 11, down from=
a robust 35.3K the previous week, but still a solid number for pork. Actua=
l shipments totaled a strong 19.4K tons, although that was down from an imp=
ressive 45.6K the previous week.

Closing Market Snapshot

All opinions expressed in this commentary are solely those of Water Street =
Advisory. This data and these comments are provided for information purpose=
s only and are not intended to be used for specific trading strategies. Alt=
hough all information is believed to be reliable, we cannot guarantee its a=
ccuracy or completeness. There is significant risk of loss involved in comm=
odity futures and options trading and may not be suitable for all investors=
.

www.waterstreet.org
or 1-866-249-2528

Arlan Suderman | Senior Market Analyst
WATER STREET ADVISORY(r) | www.waterstreet.org
(316) 729-4599 | asuderman@waterstreet.org

Past performance is not indicative of future results. The information conta=
ined 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 comp=
iled 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 a=
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advisor. NO LIABILITY on the part of the author exists for any trading los=
s you may incur in the use of this information. Information provided is not=
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Closing Comments


Corn


Exporters sold 27.5 million bushels of corn in =
the week ending December 11, including 27.3 million of this year’s cr=
op. The current-year sales were down from 37.9 million
sold the previous week and down from the five-year average for the week of=
29.1 million bushels. The past week’s total included no new sales to=
China, but 10.6 million bushels were listed to “unknown destinations=
.”


Marketing year sales to all destinations total =
961 million bushels, down 82 million or 8% from the previous year. Sales to=
date exceed the seasonal pace needed to reach
USDA’s target by August 31 by 51 million bushels, down from 54 milli=
on the previous week. However, actual shipments are trailing the pace as ex=
porters concentrate on getting soybeans shipped.


Exporters sold 5.8 million bushels of grain sor=
ghum in the week ending December 11, down from 12.5 million the previous we=
ek, but up from the five-year average for the
week of 2.4 million bushels. The past week’s total included 5.7 mill=
ion bushels sold to Chinese feed mills. We’ll be watching to see if t=
his business drops off with the apparent approval of Viptera corn for impor=
t once again.


Marketing year sales to all destinations total =
200 million bushels, up 103 million or 106% from the previous year. Exporte=
rs typically sell 43% of the year’s final shipments
by this point in the marketing year, whereas they had sold 46% by this poi=
nt last year. However, this year they have already sold 87% of USDA’s=
target for the year ending August 31. As such, sales to date exceed the se=
asonal pace needed to reach USDA’s target
by 98 million bushels, up from 97 million the previous week.


USDA’s daily export reporting system toda=
y showed more business done in the past 24 hours. “Unknown destinatio=
ns” bought another 5 million bushels of this year’s corn.
We probably won’t know who the buyer until it is shipped, but it cou=
ld be Mexico, Japan, South Korea, or possibly even China.
=


Growing conditions have been very good across t=
he bulk of Brazil, but an area of dryness is beginning to impact crop produ=
ction in Argentina; namely in Cordoba. Most
of the dryness is in the southern half of Cordoba, impacting 20% of the na=
tion’s corn and 15% of its soybeans.


USDA released some of its 10-year baseline proj=
ections early this year, giving us a peak into what their economists forese=
e for the years to come. Keep in mind that their
estimates are purely economic analysis without talking to farmers. That sa=
id, the agency projects farmers planting 88.0 million acres of corn in 2015=
, down from 90.9 million in 2014. As such, ending stocks for the 2015-16 ma=
rketing year are expected to fall
to 1.733 billion bushels, although that’s still not bullish.


March corn added to recent gains today, rising =
from a bull-flag on the charts. However, the market didn’t exactly en=
d the day with a great deal of conviction. The 200-day
moving average is at $4.22, with chart gap resistance at $4.23 to $4.26. O=
therwise, a break below $4.00 would be expected to increase the sales pace.=


Soybeans


Exporters sold 38.4 million bushels of soybeans=
in the week ending December 11, but just 25.6 million of the total was for=
this year’s crop. The current-year sales were
down from 29.8 million sold the previous week, but were still above the fi=
ve-year average for the week of 19.9 million bushels.


The past week’s total included 14.8 milli=
on bushels sold to China, but that was partially offset by reductions for &=
#8220;unknown destinations” of 10.9 million. Unknown destinations
did buy 8.1 million bushels of new-crop soybeans.


Marketing year sales to all destinations total =
1.512 billion bushels, up 81 million or 6% from the previous year. Exporter=
s typically sell 67% of final soybean shipments
by this point in the marketing year, whereas they had sold 87% by this poi=
nt last year. However, this year they have sold 86% of USDA’s target =
for the year. As such, it would appear that we should expect old-crop sales=
to China to slow dramatically in the
weeks ahead, although a late spurt in mid- to late January often occurs. S=
ales to date for all destinations exceed the seasonal pace needed to reach =
USDA’s target by August 31 by 326 million bushels, but that is down f=
rom 335 million the previous week.


Soymeal sales totaled 146.8K metric tons in the=
week ending December 11, up from 88.8K tons the previous week and very clo=
se to the five-year average for the week of
145.7K tons. However, the total included more cancellations for “unk=
nown destinations” totaling 127.9K tons.


Actual shipments to all destinations during the=
week remained strong at 298K tons as processors fill existing orders. The =
weekly shipment total was down from 307.1K the
previous week, but still above the five-year average for the week of 168.4=
K tons. This continues to support snug soymeal supplies, particularly with =
DDGS starting to flow to China once again.


USDA’s daily export reporting system toda=
y reflected business done when a Chinese delegation was in Chicago earlier =
this week, with a ceremonial signing of a purchase
agreement. We were told at that time that China agreed to purchase 36.7 mi=
llion bushels of soybeans for delivery in the 2015 calendar year. Well, thi=
s morning’s release indicate that China bought 55 million bushels, bu=
t it is all listed as shipment in the
2015-16 marketing year, so this week’s signing was apparently all ne=
w-crop sales with little impact for the market.


USDA’s baseline projects suggest that far=
mers will plant 84.0 million acres in 2015, down slightly from 84.2 million=
in 2014. Yet, it projects 2015-16 marketing year
ending stocks at 519 million bushels, which would certainly be expected to=
pressure prices.


Soymeal basis continues to soften, suggesting t=
hat we are slowly turning the corner on this year’s fundamentals. Cas=
h basis was down $1 to $5 across much of Iowa and
Minnesota Wednesday. Today, we see rail offers down $20 to $30 across much=
of the Midwest, with truck basis down $5 at Kansas City.
=


January soymeal saw follow-through buying today=
after bouncing off an area of support above $350 per ton early on Wednesda=
y. That supported soybeans as well. However,
I wasn’t impressed with the close and am concerned about growing wea=
kness in soymeal basis. A break of spot soybean futures below $10 would be =
expected to accelerate selling, while a move above $10.60 would be supporti=
ve.


We are seeing an area of dryness develop in Cor=
doba, Argentina. The dryness impacts about 15% of Argentina’s soybean=
s. However, conditions in the remainder of Argentina
remain good, with high yields expected in Brazil as well.


Wheat


Exporters sold 18.7 million bushels of wheat in=
the week ending December 11, including 17.5 million old-crop bushels. The =
old-crop sales were up from 16.3 million sold
the previous week, down from the five-year average for the week of 20.1 mi=
llion, but still an 11-week high. Again, no sales to either Brazil or China=
.


Marketing year sales to all destinations total =
656 million bushels of wheat, down 212 million or 24% from the previous yea=
r. Sales to date exceed the seasonal pace needed
to hit USDA’s target by May 31 by 10 million bushels, up from 8 mill=
ion the previous week.


USDA’s daily export reporting system toda=
y reflected a new sale of 4.2 million bushels of U.S. hard red spring wheat=
to Mexico. However, 3.3 million bushels of the total
were for the 2015 crop.


Argentina raised its wheat production estimate =
to 13.2 million metric tons, or 485 million bushels today. The latest estim=
ate is up from 12 mmt or 441 million bushels
previously. USDA’s December crop report also pegged Argentina’=
s wheat crop at 12 mmt. There are some quality concerns due to persistent r=
ains, particularly for wheat in Buenos Aires.


USDA expects 2015 wheat acres to drop to 56.0 m=
illion acres in 2015, down from 56.8 million this year. However, it expects=
2015-16 marketing year wheat stocks to rise
to 700 million bushels, suggesting little reason to sustain a rally. Price=
s continued higher today on Russia export restrictions, but there’s a=
lot of air beneath the market. Sources in the wheat trade say they expect =
Ukraine to make up much of the lost business,
with U.S. sources garnering little of the business.


President Obama’s move to normalize relat=
ions with Cuba has longer-term implications for the wheat market. We can ex=
pect to sell about 18 million bushels of hard red
winter wheat to Cuba annually once conditions are normalized, but that wil=
l take some time.


Yet, Wall Street money loves headlines about wh=
eat, which has the market supported to this point. That support will likely=
quickly collapse once the headlines dry up,
if not sooner.


Beef


The CME Group finally tripped the pressure-reli=
ef valve late Wednesday, expanding feeder cattle daily limits to $4.50 per =
cwt, with expanded limits of $6.75 in place
should we have traded the $4.50 limit at settlement. The lead contract ope=
ned at the new $4.50 limit lower at $212.10 per cwt, before firming from th=
at level. The opening represented a $33.10 per cwt drop on the continuation=
charts from the October 9 record
high. It represented a $27.20 per cwt decline from the high for the Januar=
y contract.


Feeder cattle opened the new limit lower, firme=
d into positive territory, dropped negative again, before finishing pit tra=
de on a strong note. It certainly helped to
finally find a level where trades could get cleared. The cash continues to=
slide, but it’s well above the futures market. The latest CME cash i=
ndex came in at $234.69 per cwt, down $0.58 on the day. The index is down $=
10.30 per cwt from its December 2 record
high.


Fat cattle trade followed the lead of the feede=
r cattle market. However, short-covering was more robust once traders saw t=
hat the feeder cattle market was stabilizing,
leading the fat cattle market to move the $3 daily limit higher. As such, =
we should see the limit expand to $4.50 per cwt tomorrow. Keep in mind that=
expanded limit is for movement in either direction.


Wednesday’s kill was estimated at 101K he=
ad, down 11K from the previous week and down 20K from the previous year. Sl=
aughter for the week to date is estimated at 327K
head, down 9K from the previous week and down 36K from the previous year. =
That is a big reason why the cash market has turned soft, as demand weakens=
.


Boxed beef movement jumped to 204 loads on weak=
er prices Wednesday, up from 189 loads the previous day, but down from 221 =
loads the previous week. Choice cuts were down
$0.47 to $242.41, while Select cuts were down $3.12 to $231.13 per cwt. Th=
at pushed the Choice/Select spread to $11.28 per cwt, up from $8.63 the pre=
vious day, but down from $13.58 the previous week. Movement at mid-morning =
today was routine at 90 loads, with
Choice cuts up $0.11 and Select cuts down another $0.57 per cwt.


Export demand for beef is slowly returning. USD=
A reports that exporters sold 11.1K metric tons of beef in the week ending =
December 11, up from 9.9K the previous week
and a three-week high. Actual shipments during the week slipped to 13.9K t=
ons, down from 14.0K the previous week.


Many traders hoped that the market would give t=
hem a chance to square their positions ahead of tomorrow’s USDA cattl=
e-on-feed report. CME Group had incentive to allow
that as well. That may have helped push it to move to expand the limits. <= o:p>


Pork


Lean hog futures were oversold and due for a co=
rrection. Many traders would like to square their positions and pocket prof=
its in the oversold market ahead of Tuesday’s
USDA quarterly hogs and pigs report. Strength in the beef complex allowed =
the pork market to firm as well.


Fundamentally, this market remains soft, with e=
xpectations that the industry will continue to expand amid cheap corn and n=
ew-found abilities to manage the PED virus.
However, traders know that USDA has become known for its surprises in thes=
e quarterly reports.


Today’s cash market was mostly a $1 lower=
, although the closely followed Iowa/Southern Minnesota market was $1 to $2=
lower. Producers are pulling hogs forward fearing
lower prices, but slaughter schedules will be shorter the next two weeks d=
ue to the holidays. The latest CME cash index came in at $85.95 per cwt, do=
wn $0.65 on the day, down $2.56 on the week and a new 10-month low.


Wednesday’s kill is estimated at 430K hea=
d, up 1K from the previous week, but down 9K from the previous year. This w=
eek’s estimated kill to date is 1.292 million head,
up 4K on the week, but down 18K from the previous year.
=


Product movement surged to 545 loads Wednesday,=
up from 402 loads the previous day, up from 438 loads the previous week an=
d the highest one-day total since November 5.
However, the demand is coming at the cost of lower prices. The composite p=
ork product price Wednesday was at an 11-month low of $87.24 per cwt, down =
$1.74 on the day and down $6.22 over the past two days.


Exporters sold 10.4K tons of pork in the week e=
nding December 11, down from a robust 35.3K the previous week, but still a =
solid number for pork. Actual shipments totaled
a strong 19.4K tons, although that was down from an impressive 45.6K the p=
revious week.


Closing Market Snapshot


 

All op=
inions expressed in this commentary are solely those of Water Street Adviso=
ry. 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 re=
liable, we cannot guarantee its accuracy or completeness. There is signific=
ant risk of loss involved in commodity futures and options trading and may =
not be suitable for all investors.

3D"cid==

3D"cid:imag=<= /p>

3D"cid:image012.png@01C=

www.waterstreet.org 

or 1-866-249-2528

 

 

3D"https://www.hoosieragtoday.com/wp-content/uploads/2017/05/purdue-news.png"

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 opini=
on of the writer and may change at any
time. This information was compiled from sources believed to be reliable b=
ut accuracy cannot be and is not guaranteed. There is no warranty, expresse=
d or implied, in regards to this information for any particular purpose. Th=
ere is SIGNIFICANT RISK involved
in trading futures and or options on futures and may not be suitable for a=
ll investors. Investors should consider these RISKS and evaluate their suit=
ability based on their financial conditions. No one should ever consider tr=
ading 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 comm=
odity or security named herein.
<= /p>

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