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Midday Update

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Midday Update

·         Commodity Weather Group is expecting a relatively wet pattern for the bulk of the 6-15 day period bringing delays to Brazil’s harvest and planting Safrinha corn.

·         Ethanol stocks increased to 21.594 million barrels.  This is up 2.42% vs. last week and up 26.84% vs. last year.  Stocks are at their highest level since summer of 2012.

·         Egypt purchased another 4.4 million of wheat for 2014/2015.

·         Outside markets are supportive in the macro sense with the dollar trading lower and crude and particularly metals higher on the day.

·         Talk is emerging that we may see South American soymeal imports into the Southeast U.S. utilizing cheap freight and currency exchange rates into April and beyond.

·         Corn futures are down 3 with following through selling after yesterday’s poor close.

·         Soymeal is down $3.70 per ton, while soybeans are down 1 cent.

·         Wheat is down 7 cents in Chicago, down 7 in KC and down 8 in MN, with technical selling.

·         Live cattle futures are up over $1.00 correcting from yesterday’s losses.

·         Feeder cattle futures are $1.50 higher on the fat cattle strength.

·         Lean hog futures are higher on the day.

 

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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