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Midday Update

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Midday Update

* At midday, corn is even, soybeans are +2, Chicago wheat is +9, KC wheat is +10, Minneapolis wheat +9, Mar feeders -.875, Apr fat cattle -.800, Apr hogs even.
* Technical buying and short covering supporting wheat on talk of too dry developing in southern Plains and too wet anticipated in parts of the soft wheat belt.
* USDA weekly export sales showed corn at 43.2 mln bu (above trade expectations), soybeans at 16.2 mln bu (within expectations), wheat at 12.7 mln bu (within expectations). Soymeal was at and soy oil below expectations.
* Corn finding support at seven week lows, but ample supplies are limiting rally strength.
* The Baltic Dry Index is higher for the 15th day after trading to all time (30 day) lows.

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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