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Midday Update

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Midday Update

·         Corn up 5, Soybeans up 12, Wheat up 1-2.

·         Turn-around Tuesday is bringing some strength to the markets in spite of funds on-going attempts to unload their long positions. Reportedly they were sellers of 10,000 corn contracts yesterday, but they don’t seem to be in a great hurry to get out at these price levels.

·         6 to 10 day has normal temps for most of the country but above normal for Delta. The slightly drier trend is bringing some premium back into the market with the fragility of the shallow rooted corn in many area.

·         An intense storm cell is currently working east along the Iowa/Missouri border.

·         Energy sector higher, dollar off slightly, metals up (a little), stocks mixed.

·         Live cattle unchanged and threatening to turn lower, Feeder cattle slightly lower on the day, Hog higher with October up 1.425.

 

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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