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Midday Update

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Midday Update

·         The dollar has traded 1,600 points lower today as the euro rallies on rumors that Greece is closer to an agreement, with a large payment to the International Monetary Fund due on Friday.

·         Money continues to flow into the broader commodity complex, amplifying gains in the grain and oilseed complex, where speculative hedge fund held very large short (sold) positions.

·         Corn futures are up 6 at one-week highs on bargain buying after holding above contract lows.

·         Soybeans are up 17 cents in short-covering and bargain-buying after recent lows held on the charts and money began to flow back into the broader commodity sector.

·         Wheat is up 11 to 12 cents at all three exchanges on continued short-covering, with some talk of dryness from Europe into the Black Sea region, as well as quality concerns in the Southern Plains.

·         Live cattle futures are pulling back 25 to 65 cents, with greater weakness in the deferred contracts on expectations of waning demand and rising supplies.

·         Feeder cattle are down $1.30 to $1.40 per cwt on higher corn prices and a break below Monday’s lows.

·         Lean hog futures are $0.75 to $1.00 lower as this market shows signs of tipping over. Cash hogs are mostly steady in the Midwest, while product prices are steady to weak.

 

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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