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Midday Update

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Midday Update

·         Crude oil stocks drop another 1.9 million barrels in week ending May 29, but remain near the highest level of the past 80 years.

·         Ethanol stocks were essentially unchanged at 20.1 million barrels in the week ending May 29, up from 18.3 million the previous year.

·         Ethanol production rose to 972K barrels per day, up from 969K the previous week and up from 938K the previous year.

·         The dollar dropped sharply again this morning and has been down more than 2,100 points from Monday’s close.

·         Money is flowing back into the broader commodity sector after flowing out overnight on a stronger dollar.

·         Corn futures are up 4 cents on increased money flow.

·         Soybean futures are up 3 cents.

·         Wheat futures are up 11 cents in Chicago, up 10 cents in KC and up 9 cents in MN.

·         Live cattle are down 65 to 90 cents on a sharp break in the product.

·         Feeder cattle are down 65 to 95 cents.

·         Lean hogs are $0.85 to $1.30 weaker.

 

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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