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Midday Update

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Midday Update

·         The broader commodity sector is getting hammered today, with fund managers shorting (selling) the hard assets.

·         Crude oil gets hit after Saudi Arabia reportedly drops prices for oil going to the United States, while raising it for its other customers in an apparent attempt to break the fracking industry.

·         400 workers walk off the job in an indefinite strike at Cargill crush plant in Rosario, Argentina that processed 440,000 bushels of soybeans per day, complaining of the plant’s hiring of non-union workers.

·         FCStone put the corn yield at 178 bushels per acre and soybeans at 48.4. It pegged Illinois at 218 bushels per acre, up from USDA at 200 bushels. FCStone’s Illinois corn estimate is more than 200 million bushels above USDA.

·         Informa reportedly lowered its corn yield to 174.4 bushels per acre, down from 176.4 bushels previously, but raised its production estimate to 14.493 billion bushels, up from 14.395 billion previously.

·         Informa reportedly lowered its soybean yield estimate to 47.9 bushels per acre, down from 48.5 bushels previously, while lowering production from 4.017 down to 3.991 billion bushels.

·         Corn futures are down 6-7 cents on follow-through selling.

·         Soybeans are down 17 cents as they consolidate above $10.

·         Wheat is down 4 to 5 cents on broad based selling in the commodity sector.

·         Live cattle futures are down 35 to 40 cents in consolidation while waiting for direction from the cash market. Boxed beef movement this morning has been good. Choice cuts are down 65 cents, while Select cuts are steady.

·         Feeder cattle are $0.75 to $1.05 higher on cheaper corn prices.

·         Lean hog futures are 25 to 70 cents lower. The cash market is mostly steady again today, while the composite pork product price is down $1.76 per cwt on a sharp break in belly prices.

 

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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