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Midday Update

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Midday Update

·         The Department of Energy reports that crude oil stocks rose 2.4 million to 465.4 million barrels in the week ending June 26, but remain near their highest levels for this time of year in the past 80 years.

·         The Department of Energy reports that ethanol stocks slipped to 19.5 million barrels in the week ending June 26, down from 19.8 million the previous week, but up from 18.2 million the previous year.

·         Ethanol production dropped modestly to 968K barrels per day in the week ending June 26, down from a record 994K the previous week, but up from 953K in the same week last year.

·         The Midwest cash hog market is mostly steady today, although Peoria was up to $1 lower.

·         Corn futures are down 8 cents on profit taking and sharp losses in wheat.

·         Soybeans are down 12 cents on the above as well, but soymeal prices are holding, down just $2.60.

·         Wheat prices are down 37 cents; shouldn’t be surprising considering this year’s roller coaster and yesterday’s sharp gains on a bearish report.

·         Live cattle are $2.45 to $2.90 higher after cash trade develops in Plains at $150 in Kansas and Texas, with a few at $151 in Nebraska, mostly $3 higher from the previous week.

·         Feeder cattle are up $3.00 to $4.15 on the weak corn and strong fat cattle prices.

·         August lean hogs are up $0.275, while deferred contracts are down 60 to 85 cents. Product prices are stable.

 

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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