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USDA Update

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USDA Update

·         At midday, corn is -10, soybeans are +40, Chicago wheat is +1 1/2, KC wheat is +3 1/2, Minneapolis wheat +1 1/2, August feeders +1.450, August fat cattle +1.200, Aug hogs -.050.

·         The USDA found that US farmers will be planting a combined additional 3.2 mln acres of corn, soybeans and wheat combined compared to the March estimate. Soybeans traded erratically before moving solidly higher on solid demand and August concerns while corn bounced off the lows they put in immediately after the report but continue to trade lower at midday.

·         Today is the end of month and quarter for funds.

 

 

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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