Midday Update

‘–_007_f95842a145554a89a189473de76e86cfPeo1Exch2abslocal_
Content-Type: multipart/alternative;
boundary=”_000_f95842a145554a89a189473de76e86cfPeo1Exch2abslocal_”

–_000_f95842a145554a89a189473de76e86cfPeo1Exch2abslocal_
Content-Type: text/plain; charset=”us-ascii”
Content-Transfer-Encoding: quoted-printable

Midday Update

********* A trade source reports that vessel loading has halted at Russian =
ports due to increased paperwork from port authorities as the ruble absolut=
ely collapse. There has been speculation this morning that Russia would imp=
lement currency controls, but its economic minister says that it will not, =
according to Bloomberg.

********* Putin is flexing his military muscles by threatening to move nucl=
ear weapons to the Crimea Peninsula. Some believe Putin could start shootin=
g again to reignite nationalist passions at home that have kept him popular=
in recent years.

********* Reuters reports that Chinese officials have informed Syngenta tha=
t it approved Viptera for import, which may reopen export channels for U.S.=
corn, although there has been no indication of approval for Duracade.

********* Crude oil prices dropped to $53.60 early today, dropping RBOB gas=
oline prices to $1.51, while spot ethanol trades 5+ cents above that level.

********* Some in the ethanol industry fear that this relationship will cat=
ch up with the biofuel, causing margins to collapse and production to break=
early next year.

********* Wall Street’s fear index, the VIX, rallied to a 2-month high this=
morning, before breaking lower as the dollar and crude oil rally. The Dow =
Jones Industrial Average has traded nearly a 350 point range and is now up =
more than 200 points.

********* Corn futures are up 1-cent on the above.

********* Soybean futures are down 7 cents as South American soymeal prices=
soften. U.S. soymeal futures are down $4.60 per ton.

********* Wheat prices are up 15 to 16 cents on the Russia trade concerns.

********* Live cattle futures are down the $3 daily limit on crumbling fund=
amentals.

********* Feeder cattle futures are down the $3 daily limit again on bearis=
h chart signals and expectations that the cash market will follow, although=
the latest cash index bounced.

********* Lean hog futures are down 50 to 70 cents as producers pull hogs f=
orward on fears of even lower prices. The cash market is mostly steady to 5=
0 cents lower, although Illinois markets are up to $1 lower.

All opinions expressed in this commentary are solely those of Water Street =
Advisory. This data and these comments are provided for information purpose=
s only and are not intended to be used for specific trading strategies. Alt=
hough all information is believed to be reliable, we cannot guarantee its a=
ccuracy or completeness. There is significant risk of loss involved in comm=
odity futures and options trading and may not be suitable for all investors=
.

www.waterstreet.org
or 1-866-249-2528

Arlan Suderman | Senior Market Analyst
WATER STREET ADVISORY(r) | www.waterstreet.org
(316) 729-4599 | asuderman@waterstreet.org

Past performance is not indicative of future results. The information conta=
ined 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 comp=
iled 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 a=
ll investors. Investors should consider these RISKS and evaluate their suit=
ability based on their financial conditions. No one should ever consider tr=
ading 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 los=
s 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 o=
r security named herein.

The information contained in this e-mail message is intended only for the p=
ersonal and confidential use of the recipient(s) named above. This message =
may be an attorney-client communication and/or work product and as such is =
privileged and confidential. If the reader of this message is not the inten=
ded recipient or an agent responsible for delivering it to the intended rec=
ipient, you are hereby notified that you have received this document in err=
or and that any review, dissemination, distribution, or copying of this mes=
sage is strictly prohibited. If you have received this communication in err=
or, please notify us immediately by e-mail, and delete the original message=
. Water Street Solutions is an equal opportunity provider. Water Street Sol=
utions is an equal opportunity employer.

–_000_f95842a145554a89a189473de76e86cfPeo1Exch2abslocal_
Content-Type: text/html; charset=”us-ascii”
Content-Transfer-Encoding: quoted-printable







3D"cid:image009.jpg@01CE6CE4.660D8B30"


Midday Update


·      &nbs=
p; 
A trade source reports that =
vessel loading has halted at Russian ports due to increased paperwork from =
port authorities as the ruble absolutely collapse.
There has been speculation this morning that Russia would implement curren=
cy controls, but its economic minister says that it will not, according to =
Bloomberg.


·      &nbs=
p; 
Putin is flexing his militar=
y muscles by threatening to move nuclear weapons to the Crimea Peninsula. S=
ome believe Putin could start shooting again
to reignite nationalist passions at home that have kept him popular in rec=
ent years.


·      &nbs=
p; 
Reuters reports that Chinese=
officials have informed Syngenta that it approved Viptera for import, whic=
h may reopen export channels for U.S. corn,
although there has been no indication of approval for Duracade.=


·      &nbs=
p; 
Crude oil prices dropped to =
$53.60 early today, dropping RBOB gasoline prices to $1.51, while spot etha=
nol trades 5+ cents above that level.


·      &nbs=
p; 
Some in the ethanol industry=
fear that this relationship will catch up with the biofuel, causing margin=
s to collapse and production to break early
next year.


·      &nbs=
p; 
Wall Street’s fear ind=
ex, the VIX, rallied to a 2-month high this morning, before breaking lower =
as the dollar and crude oil rally. The Dow Jones Industrial
Average has traded nearly a 350 point range and is now up more than 200 po=
ints.


·      &nbs=
p; 
Corn futures are up 1-cent o=
n the above.


·      &nbs=
p; 
Soybean futures are down 7 c=
ents as South American soymeal prices soften. U.S. soymeal futures are down=
$4.60 per ton.


·      &nbs=
p; 
Wheat prices are up 15 to 16=
cents on the Russia trade concerns.


·      &nbs=
p; 
Live cattle futures are down=
the $3 daily limit on crumbling fundamentals.


·      &nbs=
p; 
Feeder cattle futures are do=
wn the $3 daily limit again on bearish chart signals and expectations that =
the cash market will follow, although the latest
cash index bounced.


·      &nbs=
p; 
Lean hog futures are down 50=
to 70 cents as producers pull hogs forward on fears of even lower prices. =
The cash market is mostly steady to 50 cents
lower, although Illinois markets are up to $1 lower.

 

All op=
inions expressed in this commentary are solely those of Water Street Adviso=
ry. 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 re=
liable, we cannot guarantee its accuracy or completeness. There is signific=
ant risk of loss involved in commodity futures and options trading and may =
not be suitable for all investors.

3D"cid==

3D"cid:imag=<= /p>

3D"cid:image012.png@01C=

www.waterstreet.org 

or 1-866-249-2528

 

 

3D"https://www.hoosieragtoday.com/wp-content/uploads/2017/05/purdue-news.png"

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 opini=
on of the writer and may change at any
time. This information was compiled from sources believed to be reliable b=
ut accuracy cannot be and is not guaranteed. There is no warranty, expresse=
d or implied, in regards to this information for any particular purpose. Th=
ere is SIGNIFICANT RISK involved
in trading futures and or options on futures and may not be suitable for a=
ll investors. Investors should consider these RISKS and evaluate their suit=
ability based on their financial conditions. No one should ever consider tr=
ading 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 comm=
odity or security named herein.
<= /p>

The i=
nformation contained in this e-mail message is intended only for the person=
al and confidential use of the recipient(s) named above. This message may b=
e an attorney-client communication and/or
work product and as such is privileged and confidential. If the reader of =
this message is not the intended recipient or an agent responsible for deli=
vering it to the intended recipient, you are hereby notified that you have =
received this document in error
and that any review, dissemination, distribution, or copying of this messa=
ge is strictly prohibited. If you have received this communication in error=
, please notify us immediately by e-mail, and delete the original message. =
Water Street Solutions is an equal
opportunity provider. Water Street Solutions is an equal opportunity emplo=
yer.

 


–_000_f95842a145554a89a189473de76e86cfPeo1Exch2abslocal_–

–_007_f95842a145554a89a189473de76e86cfPeo1Exch2abslocal_
Content-Type: image/jpeg; name=”image009.jpg”
Content-Description: image009.jpg
Content-Disposition: inline; filename=”image009.jpg”; size=2688;
creation-date=”Wed, 19 Jun 2013 16:59:17 GMT”;
modification-date=”Wed, 19 Jun 2013 16:59:17 GMT”
Content-ID:
Content-Transfer-Encoding: base64
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–_007_f95842a145554a89a189473de76e86cfPeo1Exch2abslocal_
Content-Type: image/jpeg; name=”image010.jpg”
Content-Description: image010.jpg
Content-Disposition: inline; filename=”image010.jpg”; size=1109;
creation-date=”Wed, 19 Jun 2013 16:59:17 GMT”;
modification-date=”Wed, 19 Jun 2013 16:59:17 GMT”
Content-ID:
Content-Transfer-Encoding: base64
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–_007_f95842a145554a89a189473de76e86cfPeo1Exch2abslocal_
Content-Type: image/jpeg; name=”image011.jpg”
Content-Description: image011.jpg
Content-Disposition: inline; filename=”image011.jpg”; size=1169;
creation-date=”Wed, 19 Jun 2013 16:59:17 GMT”;
modification-date=”Wed, 19 Jun 2013 16:59:17 GMT”
Content-ID:
Content-Transfer-Encoding: base64
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–_007_f95842a145554a89a189473de76e86cfPeo1Exch2abslocal_
Content-Type: image/png; name=”image012.png”
Content-Description: image012.png
Content-Disposition: inline; filename=”image012.png”; size=3048;
creation-date=”Wed, 19 Jun 2013 16:59:18 GMT”;
modification-date=”Wed, 19 Jun 2013 16:59:18 GMT”
Content-ID:
Content-Transfer-Encoding: base64
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–_007_f95842a145554a89a189473de76e86cfPeo1Exch2abslocal_–

Recommended Posts

Loading...