Home Market Market Watch Midday Update

Midday Update


Midday Update

* At midday corn is +1, soybeans -1, Chicago wheat +5, KC wheat +5, Minneapolis wheat +4, Dec cattle +1.500, Dec hogs +.500.
* USDA weekly inspections for corn were 19.5 million bushels (weak), soybeans 68.1 million bushels (very strong), wheat 10.0 million bushels (weak).
* Soybeans are trying to shake loose the Argentina news of a newly elected President, who said that he would reduce or even eliminate export taxes applied by the government. Beans are currently .12 off of the early lows of this morning.
* Tropical rain coming from the Pacific later this week might lead to icing issues in cotton and wheat area of TX panhandle, and also that excessive moisture issues could occur if another tropical storm forms.

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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