Home Market Market Watch Midday Update

Midday Update



Midday Update

·         Export sales for the week ending May 28 totaled 18.3 million old-crop corn bushels, while new-crop sales saw net reductions of 2.2 million bushels. Exporters also sold 1 million old-crop bushels of grain sorghum, 4.8 million old- and 12.8 million new-crop soybean bushels, as well as 12.6 million bushels of wheat. Disappointments across the board.

·         This morning’s Drought Monitor showed that recent rains essentially wiped out any remaining areas of significant drought east of the Rocky Mountains.

·         Analysts call this weekend a volatile high-risk period for Europe, but grain traders are growing wary of the volatility in the currency markets and are trading independent of the dollar this morning.

·         There is some chatter that Greece may not be able to make tomorrow’s debt payment to the International Monetary Fund, but grain traders have finally tired of that talk.

·         It’s still very early in harvest reporting, but the sense of the trade is that Southern Plains wheat has low test weights as expected, but damage is otherwise less than feared.

·         Corn futures are up 4 cents, largely trading inside Wednesday’s trading range.

·         Soymeal prices are up $4.20 per ton, while soybeans are up 8 cents.

·         Wheat is up 9 cents in renewed short-covering and bargain buying, while KC is up 8 and MN is up 10 cents following yesterday’s late collapse.

·         Live cattle futures are up 50 to 70 cents on a rebound in product prices.

·         Feeder cattle are 30 to 40 cents higher.

·         Lean hog futures are down $0.75 to $1.40 on follow-through selling.


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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