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Midday Update

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Midday Update

·         Overdue correction in dollar and crude oil back above $50 due to USW oil workers’ strike is drawing money back into the broader commodity sector, helping to correct oversold markets.

·         The sharp break in the dollar comes amid a bounce in the euro as the new Greek government shows a willingness to adjust its positions.

·         Grain and oilseed prices rise on short covering as money flows back into commodity and equity markets.

·         Egypt bought 11 million bushels of wheat this morning. Romania sold it 6.6 million bushels, with the remainder coming from France.

·         Corn futures are up 12 cents on short-covering and the surge in money into the commodity sector.

·         Soymeal is up $10.70 per ton on the above, along with strong upfront demand, helping to push soybeans 26 cents higher.

·         Wheat is up 17 cents in Chicago, 19 cents in KC & 21 cents in MN on short-covering and declining crop ratings in the Plains, although good weekend rains will likely change that.

·         Feeder cattle are down $4.00 to $4.20 on follow-through weakness and strength in corn.

·         Live cattle are $0.65 to $1.25 lower, following the feeder cattle market lower. Boxed beef prices are bouncing this morning, but movement is slow.

·         Lean hogs are down mostly $0.80 to $1.00. The composite pork product price is down another $1.99 today, with hogs steady to $1 lower again.

 

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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