* At midday, corn is -1, soybeans are even, Chicago wheat is +3, KC wheat is +1, Minneapolis wheat is even, Mar feeders +1.700, Apr fat cattle +.600, Apr hogs -1.200.
* CME Group released a statement that futures and livestock option trading hours will be reduced to align with the period of greatest liquidity in these markets. Effective Monday, Feb 29th, and pending CFTC approval, CME Globex futures and options will trade 8:30 am to 1:05 pm CT Monday to Friday.
* USDA reported a private sale of US corn sold to Japan for the 16/17 MY.
* U.S. Federal Reserve Chairman reiterated a gradual rate rise for US interest rates. They expect near term inflation to remain low and are reasonably stable, but at the low end of the spectrum.
* Cash sources indicated packers have moved their bids up to $134 in Texas, up $2 from yesterday.
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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