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Midday Update

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Midday Update

* At midday corn is +1, soybeans -2, Chicago wheat +1, KC wheat -2, Minneapolis wheat -1, Dec cattle +.300, Jan feeder cattle +1.250, Dec hogs +1.800.
* Markets are generally quiet so far today after some early fireworks as there was a much stronger tone to the grains on the open and have backed of that just a bit. Livestock markets had also seen a stronger position early and holding on to those gains so far for the day.
* In a joint press release from the Illinois Farm Bureau, the state’s renewable fuels association, and the state’s corn growers association regarding ethanol debate in Illinois attacked the oil industry’s recent campaign against ethanol, calling into question their timing and saying that facts support renewable fuels standards.
* Another reported sale of 120,000mt of soybeans sold to unknown destination today.
* Cattle on Feed numbers out today at 2:00 pm ct, Cash sources reporting that cash cattle are bid at $127 in Kansas.

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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