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Midday Update

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Midday Update

* At midday, corn is +3, soybeans are +6, Chicago wheat is +14, KC wheat is +9, Minneapolis wheat +7, May feeders -3.450, Jun fat cattle -2.700, May hogs -.450.
* USDA Weekly Export Inspections for Corn were at 42.8 million bushels and expect a little under that, soybeans were at 9.4 million bushels and in line with expectations. Wheat was 16.8 million bushels and higher than expected.
* Planting progress today is expected to be at 10-18%, we would not be surprised if it came in a little above even. 5 year average is at 11%.
* Grains have continued the recent rally to start the and for the first time in a long time it seems easier to go higher for now. Money flow seems to be putting in some weather premium. The markets are coming into some moving averages now and have been overbought for a while now, so break at some point should be expected.

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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