Home Market Market Watch Midday Update

Midday Update

SHARE

https://www.hoosieragtoday.com//wp-content/uploads//2015/05/image00911.jpg

Midday Update

·         This morning’s ADP report showed that the private sector created 169K jobs in April, which was far below Wall Street’s expectations of 205K.

·         The dollar plummeted nearly 1,200 points to its lowest level since early February on the news, sending money flowing into the broader commodity complex.

·         Crude oil rallied to $62.58, its highest level since December 10, after the Department of Energy reported that crude oil stocks fell 3.9 million barrels in the week ending May 1. That still leaves crude oil stocks at record levels for this week of the year, but it was the first decline in a very long time.

·         Ethanol Stocks remained largely unchanged in week ending May 1 at 20.8 million barrels.

·         Ethanol production fell to 887K barrels per day during the week, down from 921K the previous week and down from 894K in the same week last year.

·         The Wheat Quality Council tour on Day Two does occasionally find good fields, but it is again finding many more dramatically impacted by drought and winterkill.

·         Stocks Canada reported that all-wheat stocks were at 16.738 million metric tons on March 31, down 25% from the previous year as the cheap Canadian dollar has favored active exports.

·         Egypt tendered to buy 25,000 metric tons of soybean oil on the international market, along with 15,000 tons of sunflower oil, adding strength to soybean oil prices.

·         Corn futures are up 4 cents on the above, combined with a friendly reversal on Tuesday.

·         Soybean futures are 2 cents higher on positive money flow, with gains limited by reports that the Rosario port strike has been postponed while the two sides talk.

·         Wheat futures are up 13 cents at all three exchanges on positive money flow, wheat tour results and the Stats Canada data encouraging covering of massive short positions.

·         Live cattle futures are 45 to 65 cents lower as prices consolidate largely within the previous day’s trading range while waiting for cash trade. Packers are said to be silent, while feeders offer $163 in the Plains.

·         Feeder cattle are 10 to 55 cents lower following the lead as cash prices soften.

·         Lean hog futures continue higher, following the trend of cash and product prices. Today’s cash market is mostly steady to $1 higher; up to $2 higher in Ohio.

 

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.

https://www.hoosieragtoday.com//wp-content/uploads//2015/05/image01011.jpg

https://www.hoosieragtoday.com//wp-content/uploads//2015/05/image01111.jpg

https://www.hoosieragtoday.com//wp-content/uploads//2015/05/image01211.png

www.waterstreet.org 
or 1-866-249-2528

 

 

https://www.waterstreet.org/s/ws-80x70.png

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.

The information contained in this e-mail message is intended only for the personal and confidential use of the recipient(s) named above. This message may be an attorney-client communication and/or work product and as such is privileged and confidential. If the reader of this message is not the intended recipient or an agent responsible for delivering it to the intended recipient, you are hereby notified that you have received this document in error and that any review, dissemination, distribution, or copying of this message is strictly prohibited. If you have received this communication in error, please notify us immediately by e-mail, and delete the original message. Water Street Solutions is an equal opportunity provider. Water Street Solutions is an equal opportunity employer.