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Midday Update

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Midday Update

* Grains and oilseeds have come off from morning strength as the market eyes tomorrow’s stocks report. Currently corn is +1/2, Soy +2, Wheat -2.

* US stocks slightly higher, crude oil higher, dollar slightly lower, gold slightly lower.

* Parana Brazil state ag agency estimates the region’s wheat harvest is 62% complete. The agency also estimates the region’s soybean plantings are at 13% vs last year at 9%.

* Conference Board US September Consumer Confidence Index: 103.0. Expected 97.0. Prior revised to 101.3.

* Tomorrow’s 11:00 am Central USDA report trade expectations for stocks; corn 1.739 bb vs 1.232 LY, soybeans 205 mb vs 92 mb LY, wheat 2.149 bb vs 1.907 LY.

* On the GFS model, tropical storm Marty is advertised as bringing significant rains to the southern Midwest next week.

* Front months in live cattle and feeder cattle limit down on continued concern of heavy cattle and falling product prices.

* Hogs holding strength today with nearby contracts putting in recent highs. December is up 0.65 at $66.40.

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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