Home Market Market Watch Midday Update

Midday Update

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Midday Update

* At midday, corn is +2, soybeans are +4, Chicago wheat is +4, KC wheat is +2, Minneapolis wheat +1, Mar feeders +2.900, Apr fat cattle +2.00, Apr hogs +.470.
* Short covering by fund managers leading the way today with crude oil up 2.00.
* Cattle have been reported to be reacting to stronger cash markets the last couple of days also prompting short covering and coupled with oversold conditions.
* Chinese crush margins have improved a lot since their return from New Year holiday. In the past such an increase in crush margins have prompted a cash buying spree. Most of that business would go to South American, but it is possible to see a little US business in there also. Some of the US consideration will come from the current 160+ vessel line up in Brazil at the moment.

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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