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Midday Update

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Midday Update

* At midday, corn is -1/2, soybeans are +1/2, Chicago wheat is -1, KC wheat is -1, Minneapolis wheat -2, Apr feeders -.575, Apr fat cattle +.575, Apr hogs -.825.
* River and processor basis steady on corn and beans with ethanol plants steady to stronger on the slowdown in farmer selling.
* Argentina has officially enacted a 12% ethanol blend, up from the previous 10%.
* CME data showed that yesterday’s volume in corn was a record 930,250 contracts – easily topping the previous record 845,770 from June 30, 2015 (also a USDA report day).
* This morning had boxed beef values lower, Choice off $1.14 and Select down $2.37.

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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