Home Market Market Watch Midday Update – Revised

Midday Update – Revised

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Midday Update

·         USDA’s daily export reporting service today confirmed the sale of 7.4 million bushels of U.S. new-crop soybeans to “unknown destinations.”

·         Export sales for the week ending May 21 totaled 25.8 million bushels of old-crop corn, 2.9 million old- & 4.2 million new-crop grain sorghum bushels, 11.8 million old- & 2.0 million new-crop soybean bushels and 10.9 million bushels of wheat.

·         The EPA released its proposed biofuel mandates for 2014, 2015 & 2016 this morning.

·         Corn-based ethanol mandates are 13.25 billion gallons in 2014, versus 13.01 in previous plan; 13.4 bln glns in 2015, vs 15 bln in 2007 law; 14 bln glns in 2015 vs 15 bln in 2007 law. Total reduction in mandate from 2007 law over the three years is 3.75 billion gallons.

·         Biodiesel mandates are 1.63 billion gallons in 2014, 1.7 bln in 2015, 1.8 bln in 2016 and 1.9 bln in 2017.

·         EPA opened the door for foreign biodiesel to meet the mandate earlier this year.

·         Recent shipping dockets have shown cargoes of biodiesel being loaded at Argentine ports for shipment to the United States.

·         Corn futures are down 2 cents after the EPA announcement wiped out previous gains.

·         Soybean futures are up 5 cents in the nearby and just 2 cents for new-crop.

·         Soymeal futures are down $2.60, while soyoil prices are $1.18 higher on the EPA announcement.

·         Wheat futures are down 8 cents in Chicago, down 6 cents in Kansas City and down 7 cents in Minneapolis on improving weather forecasts.

·         Live cattle futures are quietly mixed, with packers and feeders still very far apart in the Plains.

·         Feeder cattle futures are 25 to 60 cents lower on profit taking after recent gains.

·         Lean hog futures are 10 to 50 cents weaker on profit taking. 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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