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Midday Update

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Midday Update

·         Market begins positioning for the USDA report due one week from today.

·         Short covering and user buying is supporting the grains and cattle in today’s session so far. Corn up 8, Soybeans up 19 to 26, Wheat up 5 to 10.

·         Jan 6-8 China will hold a large reserve action of ag commodities.

·         CFTC Commitment of Traders from last Friday is due out after today’s close.

·         Forecasters are re-sounding the ‘winter kill’ alarm in wheat as accumulation of snowfall ahead of incoming cold weather looks disappointing.

·         Hogs weaker today. Feb down .40 and May down .125.

·         Cash market supporting live cattle. February live is up .30 and Jan feeders up 1.45.

 

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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