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Midday Update

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Midday Update

·         It’s estimated that 400 million euros left Greek banks today alone as depositors withdraw cash.

·         USDA’s daily export reporting service today indicated that Japan bought 4.7 million bushels of U.S. old-crop corn over the weekend.

·         Export shipments in the week ending June 11 totaled 43.3 million bushels of corn (good), 0.4 million bushels of grain sorghum (weak), 8.3 million bushels of soybeans and 13.9 million bushels of wheat (weak).

·         The only shipments to China in the week ending June 11 were 0.1 million bushels of corn.

·         USDA is scheduled to release its weekly crop progress report at 3 p.m. CDT this afternoon. The trade expects it to show corn and soybean ratings unchanged on the week at 74 and 69% Good to Excellent, with soybean planting at 86% and winter wheat harvest at 11%.

·         That National Oilseed Processors Association reports that its members crushed 148.416 million bushels of soybeans in May, down from 150.4 million the previous month, but more than 4 million above the previous record for May and above trade expectations of 147.299 million. Our submitted estimate was 147.195 million bushels.

·         Corn futures are down 5 to 6 cents on the broad commodity sell-off this morning.

·         Soybeans are down 4 to 5 cents on the above, with added weakness following the NOPA report.

·         Wheat futures are down 16 cents in Chicago, down 18 cents in Kansas City and down 15 cents in Minneapolis on weak demand.

·         Live cattle futures are down 52 cents in June and down 5 to 20 cents in the deferred contracts.

·         Feeder cattle futures are 30 to 35 cents weaker.

·         Lean hog futures are $1.40 lower in the nearby, with losses accelerating the further out that you go. Product prices are firmer this morning, but cash hogs are again steady to 50 cents weaker.

 

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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