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Closing Comments

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Closing Comments

Corn squeaked out a new high today as more and more stories show up about concerns of needed rainfall and hot temperatures have persisted lately.  It also appears that the market will shift its focus to the acres report that will be released on June 30th.  Expectations are to decrease planted acres for corn and increase planted bean acres.  Informa released their estimate yesterday and more will come in over the next couple of weeks. 

Soybeans closed lower as traders try to figure out how much of the hot/dry weather has been priced, in combination of expected gains in planted acres for the June 30th acres report.  Condition ratings were positive for prospects of a good start, and at this stage soybeans will handle the weather situation a little better for right now.  There are a few rains in the forecast and will ease at least some temporary concerns. 

Wheat prices were pressured again with more harvest pressure.  Great yields and higher quality continue to be reported.  Support failure on the charts has brought in a little selling pressure as well, for the technical trader.  Nervousness over next week’s vote on Britain’s possible exit from the European Union brought a general weakness to commodity and equity markets also. 

Cattle rebounded today on support from chart technical and more concerns over the hot temperatures that expected to remain for the foreseeable future.  Live cattle futures reversed off of some support trend lines, while feeders are trying to put in a triple bottom formation which can produce a significant bounce for the short term.

Hogs rallied into new highs on speculative buying and fueled by the hot weather concerns but only on a few of the front months.  Back months like December, February and April put in a more corrective phase from the recent rally that they have been involved in.

Closing Market Snapshot

 

 

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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