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Midday Update

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Midday Update

·         CONAB, Brazil’s equivalent to our USDA, estimates the 2014-15 soybean crop at 89.3 to 91.7 million metric tons (3.281 to 3.369 billion bushels), which is well below some local private estimates of 96 to 98 mmt.

·         Tight soymeal supplies are again supporting soybeans, which in turn is providing a floor for corn near-term.

·         Weather forecasts continue to look quite favorable for South America.

·         Corn futures are fractionally higher.

·         Soybean futures are 18 cents higher as soymeal trades roughly $12 higher per ton.

·         Wheat futures are mixed in Chicago and Kansas City and up 6 cents on tighter stocks in Minneapolis.

·         Live cattle futures are steady to mixed while waiting for direction from the cash market.

·         Feeder cattle are mixed as well, waiting for clearer direction from the fat cattle and corn markets, but the sale barns continue to show strong demand at higher prices.

·         Lean hog futures are modestly higher and again testing the top of the recent trading range near $90. Product prices are sharply higher 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

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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