Home Market Market Watch Midday Update

Midday Update


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Midday Update

·         At midday, corn is -5, soybeans are -8, Chicago wheat is -7, KC wheat is -6, Minneapolis wheat -3, May feeders -.750, Jun fat cattle -1.300, May hogs +1.700.

·         USDA reported a private sale of 14.4 mln bushels of soybeans to an unknown destination.

·         EIA Crude Oil stocks change 1.99 mln bbls; stocks are now at 540.6 mln bbls.  Expectation was for an increase by 2.1 mln bbls.  Ethanol stocks decreased by .4 mln and now sit at 21.6 mln bbls.  Production decreased by 11,000 bbl to 927,000 bbl/day.

·         Australia’s Bureau of Meteorology says seven of its eight models indicate that a threshold for a La Nina weather pattern will be breached by September.  The Australia’s bureau’s individual models still showed a large spread between neutral and La Nina scenarios, the bureau said. As a result of the variances, the agency kept the chance of La Nina at 50 percent. The bureau said El Nino-related climate indicators have eased over the last two weeks but remain above neutral levels.


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