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Midday Update

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Midday Update

* At midday, corn is +1/2, soybeans are +7, Chicago wheat is even, KC wheat is even, Minneapolis wheat +1/2, Apr feeders -2.325, Apr fat cattle -2.600, Apr hogs +0.100.
* Grain markets generally higher today, led by fund buying in soybeans – but off from early session highs.
* Interior soy and meal basis appears to be weakening on farmer selling.
* Losses in ethanol futures over the past few sessions has led to a loss in ethanol spot profitability. The best positioned plants are now running break-even.
* According to the recent crop progress report, about 22 percent of the area affected by cold weather last weekend in Kansas was jointed.
* Lower boxed beef this week supporting fund selling in cattle.

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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