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Midday Update

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Midday Update

* At midday, corn is +1, soybeans are +6, Chicago wheat is -4, KC wheat is +6, Minneapolis wheat +3, Mar feeders +.225, Apr fat cattle -.225, Apr hogs -.175.
* Weekly EIA energy report saw builds in inventory across the board, especially in crude, which was disappointing to analysts. However, energy prices have shrugged off the bearish news so far today.
* Ethanol info from EIA was better than expected with a surprise drawdown in inventory of 2.1 percent. Exports brought down the large Gulf Coast stocks.
* San Francisco Fed President stated that the US is not slipping into recession. Noting that equity indexes are not particularly good predictors of economic growth.
* Egypt bought 180,000 tonnes of Romanian and Ukrainian wheat for an average price of $184.71/mt.
* Hog packer margins continue to support Midwest prices. Peoria is trading steady at $37.

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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