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Midday Update



Midday Update

·         The World Bank joined the International Monetary Fund in encouraging the U.S. Federal Reserve to delay raising interest rates. The Fed’s policy committee will meet to discuss possible monetary policy changes next Tuesday and Wednesday.

·         Both the CRB index and continuous commodity index charts gapped lower today, leaving a potential bearish island top on the charts if commodities fail to rally ahead of the close today.

·         Export sales for the week ending June 4 totaled 19.5 million old-crop and 4.5 million new-crop bushels of corn, net reductions of 0.02 million bushels of grain sorghum, 6 million old- & 14.3 million new-crop soybean bushels.

·         New-wheat sales in the week ending June 4 totaled 13.8 million bushels, while another 20.8 million undelivered old-crop sales were carried forward to the new marketing year that began on June 1.

·         Early planting of northern Midwest means that bulk of U.S. corn crop is expected to pollinate in the last half of July, making it the focus of forecasts going forward.

·         The portion of the Canadian Prairies seeing less than 60% of normal precipitation since April 1 includes 55% of its spring wheat, 70% of its durum and 60% of its canola.

·         Egypt bought 2.2 million bushels of Russian wheat this morning for an average of $5.43 per bushel FOB.

·         Corn futures are down 2 cents on continued weakness.

·         Soybeans are breaking 9 cents lower for July and down 13 cents for November on increased focus on rising global supply.

·         Wheat prices are down 8 cents in Chicago, down 4 cents in KC and down 2 cents in Minneapolis as U.S. wheat is seen too expensive for the global market.

·         Live cattle futures broke mid-morning and are down 60 to 70 cents after failing to take out Wednesday’s high and amid softer boxed beef prices.

·         Feeder cattle are down 60 to 90 cents, fallowing the fat cattle market.

·         Lean hogs are 40 to 75 cents lower, with the exception of the June contract that is 15 cents higher, on a soft cash and product market.


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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