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Midday Update

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Midday Update

·         Weak grain markets today in last day of the year trade. Corn off 4 to 5, soybeans down 15 to 16 and the wheat complex lower by 6 to 11 cents.

·         Corn values at the gulf are under pressure vs yesterday.

·         Cash soy meal basis continues weakness in the east and west.

·         Ethanol production for the week ending December 26 averaged 972 thousand barrels per day. This is down 2.02% vs last week and up 6.46% vs last year.

·         Ethanol is maintaining profitability, but is experiencing its sixth consecutive week decline.

·         In the delayed Commitment of Traders report, managed money was reported to increase their length 8,200 in corn, 6,900 in wheat and 2,400 in soybeans.

·         Regular market close hours today, resuming again Friday morning.

·         Southern hemisphere weather outlook remains positive for crop development, the areas of concern would be NE Brazil which is drying down and will need some rains and SW of Argentina also dry.

·         Cattle have continued to give up their early strength throughout the session while Feb hogs are trading session highs up 1.200.

 

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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