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Midday Update

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Midday Update

·         Chicago wheat is leading weakness in the grains down 11 in March with corn following at 3 to 4 lower and soybeans holding up 1 to 5.

·         Wheat is succumbing to pressure from renewed talk that world wheat supplies are plentiful and that the US is not competitive.

·         The anticipated cold blast for the Midwest and plains isn’t shaping up to be as severe as originally expected.

·         Very early harvest in Matto Grasso has excellent yield reports, but is not necessarily representative of the majority of the crop to come in 45 days.

·         Palm oil is steady, but remains defensive with flooding interrupting near term supply.

·         Board crush margins are off .16 cents from yesterday’s high. Potential topping action in the soy crush.

·         Weakness in the dollar after posting a new high close yesterday.

·         December Live Cattle are off .30 trading in the middle of today’s range.

·         January Feeders are up .60 – also in the middle of today’s indecisive trade.

 

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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