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Midday Update

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Midday Update

·         More reports of heavy looting in Baltimore this morning.

·         The Conference Board’s index of consumer confidence dropped unexpectedly to 95.2 in data released this morning, down from 101.4 the previous month. Economists were looking for the index to rise to 102.2.

·         The dollar broke to its lowest level since early March this morning as areas of chart support gave way, increasing the flow of money into the broader commodity sector.

·         Forecasters expect 8 to 9 days of fairly open conditions for planting, although eastern areas will have a few more interruptions.

·         Midwest cash hogs are again trading steady to $1 higher.

·         Corn futures are mixed amid tight near-term cash supplies amid bigger supplies still in the bin and about to be harvested in South America.

·         Soybeans are up 12 cents amid tight cash supplies and export chatter, despite larger supplies hitting the global market from South America.

·         Wheat futures re down 6 in Chicago and 2-3 in KC & MN as fund selling continues, although prices are coming off contract lows as the dollar falls.

·         Live cattle futures are $1 higher as buyers return on profitable packer margins and signs of improving demand.

·         Feeder cattle are up $1.25 to $1.75 on strength in the fat cattle market and weaker corn prices.

·         Lean hog futures are up $0.45 to $1.45 on strength in the cash market and ideas that avian flu will end up firming demand as poultry supplies decline.

 

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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