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Midday Update

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Midday Update

* At midday, corn is +1, soybeans are +4, Chicago wheat is -9, KC wheat is -11, Minneapolis wheat -6, Apr feeders +1.600, Apr fat cattle +2.350, Apr hogs +.300.
* Informa analysts estimate the Argentina corn crop size at 27.5 mln mt up from 27.0. Argentine soybean estimate came in at 59.5 mln mt vs. previous guess of 59.0 mln mt. Brazil soybean crop at 100.5 mln mt, down from the 101.3 mln mt previous estimate. Brazil Corn crop at 83.7 mln mt, up from the 82.5 mln mt previous estimate.
* US Coast guard closes the Mississippi River to traffic after tow barge hits bridge and sinks the barge near Thebes, IL.
* EIA Ethanol Fuel Stocks were lowered by .8 mln and now sit at 22.2 mln bbl, while production was also cut by -16,000 bbl to 976,000 bbl/day.
* EIA Crude Oil stocks were cut by -4.94 mln bbls and stocks are at 529.89 mln bbls. Expected an increase of -3.25 mln bbls.

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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Past performance is not indicative of future results. The information contained in this report is intended for informational purposes only and is the opinion of the writer and may change at any time. This information was compiled from sources believed to be reliable but accuracy cannot be and is not guaranteed. There is no warranty, expressed or implied, in regards to this information for any particular purpose. There is SIGNIFICANT RISK involved in trading futures and or options on futures and may not be suitable for all investors. Investors should consider these RISKS and evaluate their suitability based on their financial conditions. No one should ever consider trading futures or options on futures with anything other than RISK CAPITAL. This information is provided freely and is NOT in the capacity of a trading advisor. NO LIABILITY on the part of the author exists for any trading loss you may incur in the use of this information. Information provided is not to be construed as an offer to sell or solicitation to buy any commodity or security named herein.

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