* 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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