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Midday Update

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Midday Update

·         A truckers strike is expected again in Brazil next week. Export ports are said to have a four-week supply, so the strike would need to last a while to significantly impact shipments.

·         Brazilian consultancy AgRural expects Brazil’s corn crop to match USDA’s estimate of 75 mmt, but it could go as high as 80 mmt if weather remains favorable into June.

·         15% of the hard red winter wheat belt (6% of the overall winter wheat belt) looks to miss out on this week’s good rains for dry areas of the Plains.

·         Corn futures are up 3 cents on bargain buying amid strong basis at processors.

·         Soybean futures are a nickel higher; testing the top of a descending wedge on the charts this AM.

·         Wheat futures are 4 cents higher in Chicago and KC, and steady to firm in Minneapolis on a technical bounce following this week’s collapse.

·         Live cattle futures are 20 to 40 cents weaker while waiting for more cash trade.

·         Feeder cattle futures are mildly mixed.

·         Lean hog futures are 40 to 55 cents weaker this morning. 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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