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Midday Update

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Midday Update

* At midday, corn is +1, soybeans are -1/2, Chicago wheat is +3 3/4, KC wheat is +3 3/4, Minneapolis wheat +2 3/4, Mar feeders +1.900, Apr fat cattle +1.375, Apr hogs +.200.
* USDA export sales for corn came in at the high end of expectations (46 mln bu). Soybean export sales as expected, soy oil better, soy meal worse. Wheat sales came as expected.
* Soybean spot basis edged higher along Midwest rivers by gains in the export barge market.
* Tomorrow’s planned Brazilian trucker strike and the rising Brazilian real currency providing support to the soy complex on hope for an increase in US soybean demand.
* Fund buying supporting live cattle and feeders on technical trade and anticipation of increased spring demand.

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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