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Midday Update

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Midday Update

* At midday corn is unchanged, soybeans +3, Chicago wheat -9, KC wheat -5, Minneapolis wheat -3, Dec cattle +1.000, Dec hogs +2.000.
* Wheat weighing on corn today because of the beneficial moisture being received from recent storms in the western grain belt. Also slight improvement in condition ratings for wheat from the following week have been contributing to the break.
* News overnight that the US Gulf fob corn has become the world’s cheapest major origin of Supply. Ukraine fob corn basis has soared to 75-80 over. Brazil is only offering corn for December and in limited quantities. Argentine fob corn offers are drying up for January and February meaning the US corn export interest/demand will start to expand.
* Top executive at Monsanto, Brett Begemman, suggested the company expects 2016 corn seed price increases only in low single digit gains, similar to their plans last year at planting time. He also said plans for soybean pricing will be released at a later date.

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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