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Midday Update

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Midday Update

·         Crude oil fell off its early gains, sliding through the morning after the Department of Energy reported that crude oil stocks fell 2.7 million barrels in the week ending June 12, down from a drop of 6.8 million the previous week.

·         Ethanol stocks rose to 20.7 million barrels in week ending June 12, versus 20.2 million the previous week and 17.9 million in the same week last year.

·         Ethanol production slipped to 980K barrels per day in the week ending June 12, down from record production of 992K the previous week, but up from 972K barrels per day in the same week last year.

·         Grain traders continue to anticipate the release of the Fed’s revised monetary policy statement at 1 p.m. CDT today, which may provide more clues as to when the Fed will raise interest rates for the first time in nearly a decade.

·         Money is reversing back out of the broader commodity sector late morning, after flowing in earlier in the session.

·         Grain brokers report an increase in soybean sales as futures rose to fresh five-week highs this morning, as speculative traders follow near-term chart signals higher.

·         A Reuters’ survey of trade participants reveals expectations that Friday’s USDA cattle-on-feed report will show that 10.570 million head of cattle were on-feed June 1, or 100.7% of the previous year. May placements were seen at 92.8% of year ago levels, while May marketings are expected to come in at 92.2% of the previous year.

·         Corn futures are up 5 cents, but coming 2 to 3 cents off their highs on increased farmer selling.

·         Soybean futures are up 9 cents, but are 2 to 3 cents off their highs on increased farmer selling.

·         Wheat futures are up 6 cents in Chicago, up 2 cents in KC and up 4 cents in MN on speculative profit taking on short (sold) positions and bargain-hunter buying.

·         Live cattle futures are 15 to 75 cents lower on a pull-back after bids and asks in the Plains came in at $150 and $155 per cwt on a live basis, suggesting steady cash trade at best.

·         Feeder cattle are 50 to 65 cents weaker on weakness in the fat cattle market and strength in corn prices.

·         Lean hog futures are 55 to 90 cents higher on a technical bounce, but July still cannot take out Monday’s high. Product prices are firmer on belly demand amid good 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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