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Midday Update



Midday Update

·         The University of Michigan’s consumer confidence index came in at 94.6 this morning, up from 90.7 the previous month and above Wall Street expectations of 91.2.

·         The dollar erased early gains and slipped into negative territory over the past hour, but we’re generally still seeing a bias toward moving money out of the broader commodity complex.

·         China will slash its corn support price by 10% to encourage domestic end users to utilize its stash of reserve supplies, currently estimated at more than 4.7 billion bushels.

·         Corn futures are 3 to 4 cents lower and trading at 10-day lows on the China news and as Chicago traders focus on what they perceive as “greenhouse conditions.”

·         Soybeans are down 1-cent in the nearby, with new-crop down 6 cents on expectations of rising global stocks in the next year.

·         Wheat futures are 1 to 3 cents higher in a technical bounce.

·         Live cattle futures are $2.50 to $3 lower after prices tripped sell stops below support after some cattle traded late yesterday at $155 per cwt on a live basis. Product prices are mixed this morning, but movement is very slow on the spot daily market.

·         Feeder cattle are $3.50 to $3.70 lower on weakness in the fat cattle market.

·         Lean hog futures are 2 cents higher for the expiring June contract, but deferred contracts are $0.80 to $1.10 lower. The cash market is again steady to 50 cents weaker, while the composite pork product price is $1.48 lower on slow movement.


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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