********* At midday, corn is +1/2, soybeans are -9, Chicago wheat is -3, KC wheat is -4, Minneapolis wheat is -4, Jan feeders -.60, Feb fat cattle +.80, Feb hogs +1.15.
********* Corn has been surprisingly resilient today considering the weakness of both soybeans and wheat; it continues to hold above the range established after the bearish November USDA crop report.
********* Beans continued their regression today, amidst anticipation of Thursday’s inauguration of new Argentine President Macri, and buying exhaustion out of the soy oil complex.
********* WTI Crude has rallied off its lows, but still looks indecisive as the market looks for a balancing point between over-production and slowly growing demand.
********* The dollar is still recovering from last Thursday’s huge sell-off, but appears to be forming a bear flag on the chart, which if executed could return us to the consolidation area around 96.00. If it fails to execute than we should march into new highs.
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.