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Midday Update


Midday Update

* At midday, corn is -2, soybeans are +2, Chicago wheat is -10, KC wheat is -10, Minneapolis wheat is -7, Mar feeders +.600, Feb fat cattle +1.950, Feb hogs +.725.
* Grains overall today still trading in sideways direction, and still close to upper trend lines in corn and beans. Wheat would appear to be the headline today, but there is not any fresh news out and is still in an overall sideway action over last couple of weeks.
* EIA Fuel Ethanol production changed to 961,000 bbl/day, down by 21,000 bbl. Ethanol Stocks changed to 21.4 mln bbl, down by .5 mln. Crude Oil stocks grew by 8.37 mln bbls and seen now at 494.9 mln bbls. The expectations were to grow to 3.50 mln bbls.

* Fed statement on interest rate hikes this afternoon. Trade doubting they will be able to raise rates as aggressively in 2016 as they had previously stated.

* A crop estimating committee in South Africa is forecasting 2016 at 7.44 mln mt (293 mln bushels), off 25% of last years’ crop and would be the smallest since 2007.

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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