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Midday Update

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Midday Update

·         Export shipments in the week ending May 14th totaled 43.6 million bushels of corn (strong), 12.5million bushels of soybeans (strong), 5.5 million bushels of sorghum (weak) and 11.4 million bushels of wheat (weak).

·         USDA reported private sale of 132,000 (4.8 mil) bushels of soybeans to China for the 14/15MY

·         Damage from overnight temperatures was limited to a few areas sparring Minnesota and neighboring areas of Iowa and Nebraska.

·         Strong recovery bounce in the dollar and break in wheat giving an overall negative feeling to the grain markets. 

·         Corn futures are 6 cents lower following the break in the wheat markets and up to 85% planted compared to 5yr average of 75%.

·         Soybean futures are down 10 cents, sell orders were triggered this morning when they went through support area of 9.30 November futures.

·         Wheat futures are down 13 cent in Chicago, down 14 cents in KC and up 11 cents in MN as damage from freezing temperatures were extremely limited.  Also has been overdone to the upside and due for a break without the weather premium.

·         Live cattle futures are up $.30 to $.50 finding small support and hanging out at the top end of the recent range.

·         Feeder cattle are $.10 lower to $.50 higher also being supported by the top end of the range and holding above the upper shore of the river.

·         Lean hog futures are $.20 lower to  .05 higher finding some technical support after making an early low this morning of around 1.10 lower.

 

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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Aaron Hodge | Market Associate
WATER STREET ADVISORY® | www.waterstreet.org
(309) 680-1200 | ahodge@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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