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Midday Update

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Midday Update

* At midday, corn is +3, soybeans are +21, Chicago wheat is +11, KC wheat is +9, Minneapolis wheat +6, May feeders +.450, Jun fat cattle -.200, May hogs +.450.
* Lots of excitement around the rally, not a lot of news, leads us to believe the funds are establishing more long positions in soybeans and other grains are following along. Weather premium being priced into this new crop now as some forecasters have said the El Nino change to La Nina may happen sooner than originally thought by them.
* USDA did announce a private sale of 9.5 mln bushels of corn sold to an unknown destination. Soybeans were also sold to Mexico of 14.0 mln bushels for the next marketing year.
* Brazil’s DERAl estimated the second season corn crop now at 90% good to excellent condition, which is down from last week’s 93%.
* South African Grain Info Service noted for the first time since 2004 US Corn was imported.

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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