Home Market Market Watch Midday Update

Midday Update


Midday Update

* At midday, corn is -5, soybeans are -8, Chicago wheat is -10, KC wheat is -13, Minneapolis wheat is -7, Jan feeders -.100, Feb fat cattle -.400, Feb hogs -.700.
* Grain inspections were higher than expectations for wheat and soybeans, lower for corn. Corn inspections were 12.8mln bu vs. expectations of 21.7. Soybean inspections were 55.5mln bu vs expected 44.1. Wheat inspections were 12.8mln bu. vs expected 10.1mln bushels.
* Crude Oil was up strong this morning over concerns that Saudi Arabia had cut off diplomatic relations with Iran, but have backed of the rally over a bigger concern with global economies.
* More rains forecasted for the drier areas of Brazil on top of what they received over the weekend, pressuring the bean markets.
* S&P and the Dow Jones index futures are still down a lot at midday due to the unrest in the middle east and poor economic data out of China, spilling over to the grain markets. The lone bright spot occurring in the livestock markets as they have turned for higher in some months.

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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