* At midday, corn is -1/2, soybeans are -3, Chicago wheat is -4, KC wheat is -5, Minneapolis wheat -3, Mar feeders +.850, Apr fat cattle +.350, Apr hogs +.150.
* Soybeans under pressure today on slow seasonal demand and continued supplies coming out of South America. Farmer sales are light but exporters have needs covered for now.
* Rains in Brazil are slowing ship loading but not a concern for market right now.
* Wheat lower on good condition ratings and Russian offers competing for global business.
* Choice cuts this morning are .61 higher and Select off -.12.
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.