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Midday Update

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Midday Update

* At midday, corn is -4, soybeans are -12, Chicago wheat is -7, KC wheat is -6, Minneapolis wheat -4, Mar feeders +2.150, Apr fat cattle +1.325, Apr hogs +1.150.
* Processor bids holding mostly steady. Some farmers selling as March basis contracts wind down and cash needs develop.
* Crude oil lower after Saudi Oil Minister Ali Al-Naimi ruled out any production cuts – stating their belief is that demand would pick up the excess crude supplies.
* Minneapolis Fed President said he believes US should experience moderate growth, but could be impacted by market risks. He stated that consumer demand hasn’t been boosted much by low oil prices.

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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