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Midday Update

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Midday Update

·         Crude oil stocks as of May 15 stood at 482.2 million barrels, down 2.7 million on the week, but still the highest on record for the week.

·         Ethanol stocks rose to 20.4 million barrels in the week ending May 15, up from 20.3 million the previous week and 17.0 million in the same week last year.

·         Ethanol production rose to 958K barrels per day during the week ending May 15, versus 912K the previous week and 925K in the same week last year.

·         Rally in dollar holding, but seeming to lose some steam.

·         Corn futures are down 2-3 cents after soybeans pulled them below Tuesday’s low.

·         Soybean futures are down 8 cents after dropping below last fall’s lows on Tuesday.

·         Wheat futures are mixed in Chicago, but up 5 cents in Kansas City on short-covering, using excessive rains in the Southern Plains as a reason for doing so.

·         Live cattle futures are down 60 to 80 cents, consolidating in a relatively tight range that has held this week’s trade. Packers in the Plains are said to be offering $157, with Feeders asking $163, which is similar to last week’s scenario at this point.

·         May feeder cattle are up 25 cents, while the deferred contracts are $1 to $1.35 lower.

·         June lean hogs are up 20 cents after the contract bounced off the 100-day moving average Tuesday. Cash hogs are mostly steady to 50 cents lower, while up to $1 lower in Illinois.

 

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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