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Midday Update

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Midday Update

·         This week’s analysis of sea surface temperatures in the Pacific and the closest analog years suggests a mild summer from June to August. July has a bit drier bias, while June and August lean toward a wetter pattern.

·         The dollar experienced a sell-off this morning, while crude oil prices pushed above $61 to their highest level since December 11.

·         Crush unions representing 20% of the crush industry in Argentina are on strike, with many port workers supporting them, slowing soybean & soymeal shipments.

·         Iraq purchased 1.8 million bushels of U.S. hard wheat, according to trade reports this morning.

·         Russia’s Ag Minister proposes lifting the export tax on wheat as early as May 15.

·         Participants of the Wheat Quality Council tour thus far this morning have found everything from 70 bushels yields on good bottom land to fields that had been zeroed out due to winterkill & drought.

·         Corn futures are down 5 cents at new seven-month lows on favorable start to the growing season.

·         Soybean futures are up 4 cents on concerns about slow South American shipments.

·         Wheat futures are down 10 cents in Chicago, down 11 in KC and down 6 in MN on recent rains in the Plains, with added pressure today from Egypt buying more wheat from Russia and Romania in its latest tender, highlighting the high price of U.S. wheat.

·         June and August live cattle futures are 5 to 20 cents higher on follow-through buying, but the deferred contracts are encountering some profit taking.

·         Feeder cattle futures have turned 25 to 55 cents weaker as the strength evaporated in the fat cattle market and on recent weakness in the cash market.

·         May lean hogs are up $2.05 per cwt, while the deferred contracts are steady to 80 cents higher on strength in the cash and product markets. Today’s composite pork product price was up $0.61 on the day.

 

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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