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USDA Report Update

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USDA Update

·         At midday following the release of the USDA report, corn is +5, soybeans are +16, Chicago wheat is +6, KC wheat is +3, Minneapolis wheat +3, Sept feeders -.850, Aug fat cattle +.225, July hogs +.375.

·         The USDA information came in close to analyst expectations both domestically and globally with 16/17 wheat supplies expected to grow in the US, corn stocks from 15/16 were lowered but offset by the anticipated 16/17 production and a slight bump in the expected soybean carry-out for soybeans in 16/17 (however the USDA typically underestimates soy demand. The trade can now focus on the daily reports of the progress of the hot/dry weather expected to move into the Midwest next week.

 

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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