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Midday Update

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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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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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