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Midday Update



Midday Update

·         USDA is scheduled to release its weekly crop progress report at 3 p.m. CDT today. The trade is expecting it to show corn planting progress at 96% as of Sunday, soybean planting at 75%, corn condition at 75% Good/Excellent, winter wheat at 44% G/E and spring wheat at 70% G/E. Our submissions matched these numbers exactly, with the exception of soybean planting we had at 76%.

·         A weekend freeze apparently did “severe” damage to portions of the canola belt in Canada, with the worst in western Manitoba. The canola balance sheet was already tight. Replanting will be needed, but seed supplies are tight.

·         Export shipments for the week ending May 28 included 38.4 million bushels of corn (good), 6.3 million bushels of grain sorghum (good), 2.7 million bushels of soybeans (weak) and 13.2 million bushels of wheat (weak).

·         Corn futures are up a penny, garnering strength from wheat and spread trading with beans.

·         Soybeans down 6, on settlement of the crusher’s union strike in Argentina, with meal down $8.60 per ton. Soybeans are down despite nearly a 7-mongh high in soyoil.

·         Wheat is up 16 on short-covering, with KC up 15 and MN up 20 cents.

·         Live cattle futures are bouncing $0.65 to $1 after cash cattle traded steady at $160 per cwt late Friday.

·         Feeder cattle futures are following; up 55 to 75 cents.

·         Lean hog futures are up 70 to 85 cents, with product prices modestly higher as well. Cash hogs are mostly steady to up to $1 higher this morning.


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

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