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Midday Update

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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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Past performance is not indicative of future results. The information contained in this report is intended for informational purposes only and is the opinion of the writer and may change at any time. This information was compiled from sources believed to be reliable but accuracy cannot be and is not guaranteed. There is no warranty, expressed or implied, in regards to this information for any particular purpose. There is SIGNIFICANT RISK involved in trading futures and or options on futures and may not be suitable for all investors. Investors should consider these RISKS and evaluate their suitability based on their financial conditions. No one should ever consider trading futures or options on futures with anything other than RISK CAPITAL. This information is provided freely and is NOT in the capacity of a trading advisor. NO LIABILITY on the part of the author exists for any trading loss you may incur in the use of this information. Information provided is not to be construed as an offer to sell or solicitation to buy any commodity or security named herein.

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