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Midday Update

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Midday Update

* At midday, corn is +1, soybeans are +5, Chicago wheat is -1, KC wheat is -1, Minneapolis wheat -1, Apr feeders -.100, Apr fat cattle -.100, Apr hogs -.125.
* USDA export sales this morning had corn at 31.8 mln bushels for current marketing year vs. expected range of 31.4-43.3 mln bushels. Soybeans were at 15.1 mln bushels vs. expected range of 12.6-23.9 mln bushels. Wheat exports were at 13.6 mln bushels vs. the expected range of 9.2-14.7. Soymeal exports were the story this morning and double expectations and provided some strength in beans today.
* Resistance levels in corn and beans, weaker energy prices, and a stronger dollar holding down the potential for a bigger rally for now.
* Bids have strengthened up at the gulf by +.02 for corn, down -.02 for soybeans.

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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