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Midday Update



Midday Update

·         The Department of Labor reported that the unemployment rate inched up to 5.5% in May, up from 5.4% previously, but that the economy created 280,000 jobs in May, up from Wall Street expectations of 220,000 and up from 223,000 the previous month.

·         Greece “decided” to bundle its four payments to the International Monetary Fund (first was due to day) and to pay them all at the end of the month, raising the risk of default and an exit from the Eurozone.

·         The dollar exploded roughly 1,400 points higher on the two above news items, with currency traders waiting to act until they saw the jobs report.

·         Money flow both in and out of the broader commodity sector has moved inverse of the dollar, but the grains have battled to trade independent of that money flow as much as possible today; a tendency that started on Thursday.

·         Corn futures are down 1-cent after encountering increased selling once again as prices rose to two-week highs. Some farmers are anxious to move corn on price rallies now amid high crop ratings.

·         Soybeans are down 6 cents on rising supplies after the Buenos Aires Grain Exchange pushed Argentina’s production estimate up again to 60.8 million metric tons.

·         Wheat futures are up 1-cent in Chicago, up 4 cents in Kansas City and up 3 cents in Minneapolis.

·         Live cattle futures are 45 to 65 cents higher amid a quiet cash market thus far this week.

·         Feeder cattle are largely 40 to 60 cents higher.

·         Lean hog futures are up $0.40 to $1.15 per cwt on a technical bounce, while the cash market is mostly steady to 50 cents weaker once again.


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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