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Midday Update

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Midday Update

* At midday corn is -2, soybeans -8, Chicago wheat -4, KC wheat -5, Minneapolis wheat -1, Dec cattle +3.000, Jan feeder cattle +3.650, Dec hogs +1.000.
* The weekly EIA Ethanol report for this carried a little negative weight this morning. Production was reduced by 7,000 bbl to 975,000 bbl/day. Ethanol stocks grew by 0.4 at 19.2 million bbl.
* A top Ethiopia government official cited by Reuters suggested that the country might have to issue another wheat tender because of food shortages. Recently they completed an almost 1.0 mln mt purchase (36.7 million bushels). Also, additional purchases may be needed to help keep their domestic market prices in check.
* Cattle on feed report estimates are expected to be unchanged from previous report except on marketings in October, down 2%.

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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