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Midday Update

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Midday Update

* At midday, corn is -8, soybeans -17, Chicago wheat even, KC wheat -3, Minneapolis wheat -3, Feb cattle -2.075, Jan feeders -3.425, and Dec hogs -1.175.
* Weekly export inspections: Soybeans just over 63 mln bu – below last week but above expectations, Corn just over 19 mln bu – above last week and near expectations, Wheat just over 8 mln bu – below last week and just under expectations.
* WTI crude oil putting in new lows, now trading -2.41 at 37.59 on continued supply concerns. Providing pressure to the greater commodity complex.
* Pressure in soy complex from incoming President’s interest in a free floating peso which would make the Argentine supplies much more competitive on the world market.
* Oil companies are pressing hard against the proposed shift of the biodiesel blending incentive from blender to producer – claiming the shift is not WTO compliant and would depress biodiesel prices.

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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