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Midday Update

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Midday Update

·         Export shipments in the week ending May 7 totaled 44.7 million bushels of corn (strong), 6.8 million bushels of grain sorghum (good), 9.7 million bushels of soybeans and 13.9 million bushels of wheat (weak).

·         The outside markets are providing little direction for grain and oilseed traders this morning, allowing them to focus on positioning for tomorrow’s 11 a.m. CDT USDA crop report.

·         Reuters survey of trade participants reveals expectations that this afternoon’s USDA crop progress report will show corn panting at 73%, soybean planting at 28%, spring wheat planting at 87% and winter wheat conditions at 44% of Good/Excellent, up 1 point on the week.

·         Corn futures are down 2 cents ahead of tomorrow’s USDA crop report, consolidating inside Friday’s trading range.

·         Soybean futures are quietly mixed while waiting for direction tomorrow.

·         Wheat futures are down 1 to 2 cents in Chicago and Kansas City and down 5 cents in Minneapolis.

·         Live cattle futures are up 15 to 45 cents, but are well off their highs after hitting one-month lows earlier today. Boxed beef prices are again higher this morning.

·         Feeder cattle futures are up to $1.10 higher this morning on cheaper corn and stronger fat cattle futures.

·         Lean hog futures are 45 to 55 cents weaker in consolidation. The cash market is mostly steady to 50 cents higher, while product prices are firmer as well.

 

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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