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MIDWEST MARKET SOLUTIONS
EARLY MARKET COMMENTARY
February 6, 2012
By: Brian Hoops, President
HEADLINES
• First notice day for February live cattle is today.
• The monthly USDA supply/demand report is Thursday, February 9.
OPENING CALLS
Corn: 1-2 higher
• Taiwan bought 50,000 mts of Argentine corn.
• Funds sold 3,000 contracts.
• March corn has resistance at $6.49 ½ with support at $6.28
Soybeans: 4-7 higher
• Taiwan is tendering for 60,000 mts of soybeans.
• Funds bought 6,000 contracts.
• March soybeans have chart resistance at $12.30 and support at $11.84.
Wheat: 2-3 higher
• Funds sold 2,000 contracts.
• March Chicago wheat has resistance at $6.83 and support at $6.56.
Live and Feeder Cattle: 5-10 lower
• April live cattle have chart resistance at $129.15 and support at $127.25
Lean Hogs: Steady-5 lower
Copyright 2012 Midwest Market Solutions, Inc.
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