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Midday Update

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Midday Update

·         The dollar has been hovering around losses of 500 points for much of the morning, facilitating movement of outside money into the broader commodity sector, which has facilitated larger gains in the grain and oilseed complex.

·         Export shipments for the week ending June 4 were unimpressive at 29.2 million bushels of corn, 2.1 million bushels of grain sorghum, 8 million bushels of soybeans and 11.1 million bushels of wheat.

·         Updated European Monthly forecast models released this morning suggest heat/dryness problems for much of the crop belt across Europe and the Former Soviet Union in June and July.

·         USDA is scheduled to release its weekly crop progress report at 3 p.m. CDT this afternoon. It is expected to include the first condition scores for soybeans for the growing season.

·         A Reuters’ poll of trade participants revealed expectations that USDA will show corn conditions unchanged at 74% Good to Excellent, with the first soybean rating of the year at 71% G/E.

·         The trade expects USDA to show that soybean planting is at 82% versus 71% the previous week, with winter wheat harvest at 5% complete.

·         Early wheat yields from the Southern Plains range from 15 to 60 bushels per acre, with test weights varying from 52 to 63 pounds per bushel.

·         USDA will release its monthly crop report on Wednesday morning. It hasn’t changed its soybean yield in the June report since 1996 and has only changed its corn yield in 5 of the past 22 years.

·         Corn futures are up 4 cents on follow-through buying from last week.

·         Soybean futures are up 7 cents, led by $6 gains in soymeal.

·         Wheat futures are up 13 cents across the board as this month’s short-covering and bargain buying continues.

·         Live cattle futures are 10 to 25 cents higher. Boxed beef prices are soft on slow movement.

·         Feeder cattle are down 15 to 55 cents.

·         Lean hog futures are modestly mixed. The cash market is steady to 50 cents lower. Product prices are firm on slow movement.

 

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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