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Midday Update

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Midday Update

·         Stocks in Asia and US under pressure as factory data from China and US disappoint.

·         Euro factories seem to have shrugged off the Greek issue with the Netherlands, Spain and Italy all reporting healthy growth.

·         Wheat continues to struggle under the pressure of lack of Aussie weather story, disappointing export interest and poor quality in the east. KC and Minneapolis have found new contract lows, but seem to be trying to come off their daily lows. Wheat is currently down 2 to 6.

·         Soybeans and corn are both off their morning lows. November soy down 3 and Dec corn down 2 ½. Fund and farmer length continues to press on interday rallies in lack of more definitive production information.

·         Midwest weather lacks a story for the market, but a hot/dry story seems to be developing into mid-month for Ukraine and European production looks to be going backwards in general.

·         Equity market traders say BASF may also be in the market for Swiss based Syngenta.

·         Livestock is the strongest market with Oct cattle up 2.65, Oct feeders up 3.05 and Oct hogs up 1.95.

 

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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