Home Market Market Watch Midday Update

Midday Update


Midday Update

* At midday, corn is -3, soybeans are -6, Chicago wheat is -3, KC wheat is -3, Minneapolis wheat is -4, Jan feeders -.800, Feb fat cattle +.700, Feb hogs +2.500.
* USDA long term projections out today. Corn expecting acres up 2 mln from last year at 90.5 mln. Yield at 168.1 and increasing by 2 bushels each year roughly for next 10 years. However carryout would essentially remain close to 1.755 billion bushels each year because of the growth with demand.
* USDA soybean projections are estimating acres down 1.2 mln at 82.0 mln acres next year. Yield estimate for next year is 46.7 and ending stocks around 421 mln. Year over year expect yield to increase by .4 -.5 bushels.
* USDA wheat projections are estimated at 928 mln bushels for carryout, planting 53 mln acres and using yield 45.9. Yield expectations are to increase by .4 a bushels for next 10 years and a declining carryout because of more demand but same amount of acres.
* Hog markets helping the livestock sector to recover and are the strongest on the board, while cattle have started to recover well off their lows.

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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