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Midday Update

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Midday Update

·         The dollar sank this morning from its overnight highs after the Department of Labor released a disappointing jobs report showing a slowdown in job creation and the lowest job participation rate in 38 years on top of flat wage growth. This is expected to set back expectations of a Fed rate hike later this year.

·         Money flow into the broader commodity complex increased on the weaker dollar, providing support for grain and oilseed prices.

·         Export sales for the week ending June 25 included 23.4 million old-crop and 9.4 million new-crop corn bushels, 1.1 million old- & 2.1 million bushels of new-crop grain sorghum, net cancellations of 0.4 million bushels of old-crop soybeans, along with another 4.7 million in new-crop sales. Wheat sales were sluggish at 13.4 million bushels.

·         Egypt bought 2.2 million bushels of Romanian wheat in its latest tender at $5.78 per bushels cost and freight, reminding traders of how expensive U.S. wheat is on the world market.

·         Pork export sales surged to 39K metric tons in the week ending June 25, with actual shipments at a huge 38.8K metric tons. However, beef sales slumped to a three-month low of 6.6K metric tons.

·         Corn futures are up 6 cents on fears of further deterioration in the crop with short (sold) speculators and end users buying the breaks.

·         Soybean futures are firming on strong soymeal demand, up 2 to 4 cents at late-morning.

·         Wheat futures are turning higher on global weather concerns despite demand problems, with Chicago up 7, KC up 6 and MN up 5 cents.

·         Live cattle are 10 to 25 cents higher this morning, but gains are being limited by a sharp drop in product prices.

·         Feeder cattle are 40 to 55 cents weaker as corn prices firm.

·         Lean hogs are 50 to 80 cents higher in the nearby contracts. Product prices are weaker on slow movement. Cash hogs are mostly steady.

 

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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