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Midday Update



Midday Update

·         The Thomson Reuters/University of Michigan Consumer Confidence Index fell sharply to 88.6 this morning, down from 95.9 in April and below Wall Street expectations of 95.8.

·         It’s been a week of disappointing economic data, suggesting that the Federal Reserve will likely delay interest rate hikes.

·         The National Oilseed Processors Association pegged its member April soybean crush at 150.363 million bushels, up from trade expectations of 147.827 million. Water Street was looking for 152.375 million. The previous April record was 139.966 million bushels in 2008.

·         Pork and beef product prices are coming under pressure this morning, with Choice beef cuts pulling back sharply from Thursday’s record high prices.

·         Corn futures are 3 cents lower after failing to sustain an early-session rally amid talk of an “ideal start to the growing season.”

·         Soybean futures are down 5 cents and one-month lows on concerns of softening demand amid bloating supplies.

·         Wheat futures are down 4 cents in Chicago, 1-cent in KC and 3 cents in MN after Russia lifted its export tax this morning.

·         Live cattle futures broke $1.80 this morning on a break in Choice cuts.

·         Feeder cattle are down $0.95 to $1.20 on weakness in the fat cattle market.

·         Lean hog futures are down $0.70 to $1.20 on weakening product demand and prices.


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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