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Midday Update



Midday Update

·         Reuter’s satellite analyst Lanworth projects; Brazil corn at 75.5 mmt (USDA 75.0), Brazil soy at 94.5 mmt (USDA at 94.5), Arg corn at 28.8 mmt (USDA at 23.0) and Arg soy at 59.7 mmt (USDA at 56.0).

·         IEA report shows 3.6 million barrel build in inventory across crude, gasoline and distillate categories over the previous week. Modern era highs for this time of year.

·         In ethanol, inventories were up 0.7% this week at 25-26 day of domestic use. Ethanol stocks increased in Midwest and East Coast, but fell in the Gulf Coast thanks to good exports.

·         USDA baseline projections were a non-event with no changes from the previous table. Leaving corn at 88 million acres and soybeans at 84 million.

·         The Goldman Roll continues through tomorrow with long March rolling into July.

·         Corn 1-3 lower.  Soybeans up 4-8.

·         Chicago wheat is up 2-4 while KC and MPLS are up 5-8 on cold weather concerns.

·         April Cattle are down 1.50 and April Feeders down 1.00.

·         April Hogs down 1.90 at 64.675.

·         Crude is lower on the day but off lows – Stocks mixed – Dollar stronger – Gold lower


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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