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Midday Update

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Midday Update

·         Traders continue to keep an eye on talks with Greece taking place in Brussels ahead of the weekend.

·         Export sales for the week ending June 18 total 19.6 million old-crop & 11.7 million new-crop bushels of corn, 0.01 million bushels of old-crop grain sorghum, 4.4 million old-crop & 7.4 million new-crop bushels of soybeans and 16 million bushels of wheat.

·         Traders reacted to rains of up to 7” in Iowa and Missouri, with additional heavy downpours further east into Illinois and Indiana this morning by pushing soybean prices sharply higher led by new-crop prices.

·         Expiration of July options and Greek uncertainty add a factor of risk going into Friday.

·         Corn futures are up 7 cents and have rallied nearly 40 cents in the past 10 days. The average rally in years when December corn trended lower in the spring was roughly 45 cents.

·         Soybeans are up 16 cents for the nearby and 18 cents for November. The November contract is 4 cents off its high and 4 cents above the 200-day moving average.

·         Wheat is up 8 cents in Chicago, 6 cents in KC and 8 cents in Minneapolis on broad-based buying in the grain complex.

·         Live cattle are down $1.60 to $2.10 per cwt after prices hit sell-stops below major moving averages on the charts on expectations that demand will decline next month.

·         Feeder cattle are down $3.50 to $4.00 on weakness in the fat cattle market and higher corn prices.

·         Lean hog futures are 10 to 45 cents lower on positioning ahead of Friday’s USDA quarterly hogs and pigs report, but trade remains within Monday’s trading range.

 

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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