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Midday Update

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Midday Update

·         Export sales totals for the week ending June 11 (million bushels); corn 24.7 old- & 7.9 new-crop; grain sorghum 2.4 old-crop; soybeans 4.9 old- and 19.5 new-crop; wheat 11.6. All were relatively weak.

·         Core inflation (excluding food and energy) rose by just 0.1% in May, even though the total consumer price index was up 0.4% on a spike in gasoline prices.

·         The dollar remains down more than 400 points, although off its lows, trading near one-month lows on ideas that the Fed will be slow with interest rate hikes.

·         As a result, there’s been a modest increase in money flow into the broader commodity sector this morning, but it’s had little impact on grain and oilseed prices.

·         Water levels continue to rise on the Mississippi River, threatening to halt barge traffic, which has already occurred on the Illinois River.

·         Soymeal basis is mostly steady this morning, but with weaker undertones.

·         Corn futures are a penny lower after early strength failed at Wednesday’s session highs.

·         Soybean futures are up 6 cents in the nearby and steady for new-crop. Both old- and new-crop contracts are testing major trend line resistance on the charts.

·         Wheat futures are steady in Chicago, down 3 in KC and down 4 in MN, with KC feeling pressure from expectations that harvest will pick up speed over the next 10 days amid weak demand.

·         Live cattle futures are $1 to $1.35 lower after breaking chart support and falling to one-month lows. Product prices are modestly higher, but on low volume.

·         Feeder cattle are down $2.35 on the nearby on concerns about narrowing margins.

·         Lean hogs are mostly 50 to 60 cents weaker. The cash market is steady to 50 cents lower. Product prices are modestly lower on thin volume.

 

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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