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Midday Update

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Midday Update

* At midday, corn is +5, soybeans are +5, Chicago wheat is +3, KC wheat is +1, Minneapolis wheat is +2, March feeders +3.000, Feb fat cattle +2.000, Feb hogs +.750.
* USDA Inspections were 22.9 mln bushels vs expected 20.7 mln bushels. Soybeans were higher than expected also with 51.3 mln bushels vs. expected 42.3 mln bushels. Wheat inspections were 12.5 mln bushels vs. expected 13.8 mln bushels.
* Informa numbers out today estimating US corn planting acreage at 88.869 mln acres (previous 88.93) and soybean planting acreage at 85.23 mln acres (previous 84.54 mln).
* AgroConsult analysts have cut their outlook for Brazil first season crop by 23 mln bushels and soybeans by 29.4 mln bushels from previous estimates.
* Grains are gaining today on short covering rally and support by taking out last week’s high in corn and soybeans.

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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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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