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Midday Update



Midday Update

·         Hopes are fading of a deal to avert a default by Greece as an emergency meeting among European leaders ended after just two hours of discussion this morning.

·         Sources close to the meeting told reporters that Greece presented a different document to European leaders this morning than what they proposed on Sunday night, further deteriorating trust.

·         The dollar is slipping into negative territory at this hour, with money flowing back into the broader commodity complex.

·         Export shipments in the week ending June 18 total 43.5 million bushels of corn (good), 0.04 million bushels of grain sorghum (weak), 6.5 million bushels of soybeans (seasonal) and 10.7 million bushels of wheat (weak).

·         USDA is scheduled to release its monthly cold storage report at 2 p.m. CDT today.

·         USDA is scheduled to release its weekly crop ratings at 3 p.m. CDT this afternoon. A Reuters’ survey reveals trade expectations that it will peg the corn crop at 72% Good to Excellent, down 1 point on the week, with soybeans at 65% G/E, down 2 points on the week. Soybean planting progress is expected to come in at 92% vs the 5-year average for the date of 94%.

·         Workers at Argentina’s Rosario grain hub will initiate a strike Tuesday demanding higher pay and union rights, according to Reuters.

·         However, today’s gains likely have more to do with analysts figuring out that old-crop stocks may end the year much tighter than currently projected by USDA.

·         Corn futures are 4 cents higher on the strength of soybeans and wheat.

·         Soybeans are 15 cents higher on planting delay talk combined with speculation about tighter old-crop stocks.

·         Wheat futures are 13 cents higher on short-covering after support held Friday in Chicago, with KC and MN up 10.

·         Live cattle futures are 60 to 70 cents higher this morning amid talk of tight supplies and strength in the feeder cattle market.

·         Feeder cattle are $0.95 to $1.30 higher while holding support.

·         Lean hog futures are down $0.90 to $1.45 on follow-through chart selling and on expectations of bearish data from USDA this week, but well off their lows. Cash hogs are steady to $1 lower this morning.


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

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