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Hogs: Afternoon Comments (Monday, February 08, 2016 21:47:07)

Lean hog futures closed slightly lower in all but the lead-month February contract, which finished 22 1/2 cents higher. Lean hog futures tried to work higher on support from wintry weather across portions of the Midwest and a firmer cash hog market. But negative outside markets and heavy spillover from the cattle market triggered light profit-taking in deferred futures. April lean hog futures posted a bearish reversal but did no technical damage today.

Soybeans: Afternoon Comments (Monday, February 08, 2016 21:42:54)

Soybean futures closed mostly around a nickel lower, which was low-range. Pressure on soybeans came from two sources -- Argentine weather and macroeconomic concerns. Widespread, soaking rains across previously dry areas of Argentina were beneficial for soybeans and alleviated dryness concerns. More rains are in the forecast for later this week. The Brazilian soybean crop has also stabilized and harvest is advancing. Without any major South American crop/weather concerns, the soybean market will need to find support from another source. Additional pressure came from outside markets. A beating in the U.S. stock market triggered more macroeconomic concerns, which caused funds to be sellers. For the day, funds sold a net estimated 5,000 contracts (25 million bu.) of soybeans.

Corn: Afternoon Comments (Monday, February 08, 2016 21:41:49)

Corn futures ended the day 3 1/2 to 3 3/4 cents lower, which was low-range for the day. Funds sold a net 11,000 corn contracts (55 million bu.) today. Corn was choppy in early trade, but some support came from a weaker tone in the U.S. dollar index and news Mexico purchased 100,000 MT of U.S. corn for 2015-16. But widespread rains across Argentina this weekend and pressure on U.S. equity markets resulted in selling across the commodity world.

Traders were also evening positions ahead of tomorrow's USDA Supply & Demand Report that's expected to reflect only fine-tuning to USDA's balance sheets. March corn futures hit sell stops as the contract dropped below the 40-day moving average near $3.65, which roughly aligns with the late January low.

Wheat: Afternoon Comments (Monday, February 08, 2016 21:44:00)

Wheat futures turned higher in early trade, but this was short-lived. Bears had the advantage for the vast majority of today's session and futures ended low-range with winter wheat contracts roughly 7 to 8 cents lower and HRS wheat down 4 to 5 cents. Funds sold a net 6,000 wheat contracts (30 million bu.) today. A technical breakdown for the wheat market late last week led to followthrough selling to start the week. Losses in the corn, soybean, crude oil and equity markets added to the negative tone. Reminding of plentiful global crop prospects and the U.S.'s struggle to compete for export business, Russia's ag ministry today said the country's wheat exports may climb by 3% to between 22 MMT and 23 MMT

Cotton: Afternoon Comments (Monday, February 08, 2016 21:44:54)

Cotton futures faced another day of heavy selling pressure to start the week that took prices to new contract lows. But this gave way to some late short-covering that helped prices to finish well off their lows with losses of just 12 to 37 points. Cotton futures faced renewed selling to start the week after prices plunged late last week. But today's dip to a new contract low did uncover some short-covering that helped prices to a mid- to high-range finish. is your source for ag news and information on crop pest identification, commodity and market prices, agricultural news & issues, and access to crop production management tools such as crop yield & planting calculators and herbicide, fungicide, and weed control information.