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Midday Update

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Midday Update

* At midday, corn is +1 3/4, soybeans are +4 1/2, Chicago wheat is +4, KC wheat is +5 1/2, Minneapolis wheat +3, Apr feeders -1.875, Apr fat cattle -.500, Apr hogs -1.675.
* Corn and wheat export inspections came in above last week while soybeans continue their seasonal trend lower. Corn 39.906 mln bu, Wheat 17,183 mln bu and Soybeans at 21.131 mln bu.
* According to the Commodity Weather Group, the colder than anticipated temperatures in the western Plains over the weekend put 20% of the HRW acreage at risk and will see damage to fields in jointing.
* Cash hogs are selling as much as $1.50 lower on pressure from plant closures over the Easter weekend curbing supply needs. Peoria hogs are trading steady at $38. USDA will release the monthly Cold Storage report Tuesday at 2pm CT.
* Friday cash cattle traded $1 to $2 higher over the previous week, but the slightly bearish Cattle on Feed report is weighing on cattle and feeder futures today.

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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