Updates

Things have been somewhat smooth going this week (touch wood) and we even managed to get a reasonably favourable WASDE report in the process.

Soybeans

The WASDE report came out reasonably bearish for Soybeans which was nice for the spread and the underlying.

There is concern over the tightness of current supplies and that has lead to some strength. Weather has also been playing it's part with some concerns over excessive heat, which appear to be slowly changing to more seasonal conditions.

We can move our stop to break even on this one.

Natural Gas

This one has really been grinding along slowly as we move through our extended seasonal window.

The most recent outlook has seen hot temperatures in a number of areas, however that has been somewhat offset by the rising inventory levels which are now virtually in line with the 5-yr average.

As such we will maintain our current stop at -23.6 and let this one continue to play out.

Live Cattle / Lean Hogs

This one has been drifting along nicely to date and we saw a nice move our way on Monday.

Since the July 4th run-up things seem to have changed for hogs and demand is somewhat reduced.

Stop to 36.5.