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Midday Update

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Midday Update

* At midday, corn is -5, soybeans are +12, Chicago wheat is -13, KC wheat is -15, Minneapolis wheat -9, May feeders -.300, Jun fat cattle -.150, Apr hogs -.300.
* Weather models in agreement today about some relief rain for some of the driest parts of the US plains this week are driving factor in wheat being down around .15 so far for the day. Crop conditions for wheat out today at 3.00pm ct, last week was the highest start ever.
* With corn down and beans up, the price ratio has made a new high in favor of soybeans now at 2.55. A good planting window to open up for corn later in the week and weakness in wheat weighing on the corn price, but is the main factor for the bean rally along with a weaker dollar / stronger Brazilian currency.
* USDA weekly export inspections were good this morning showing corn at 44.1 mln bushels, soybeans at 14.2 mln bushels, and wheat 12.5 mln bushels.

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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