|Hogs: Afternoon Comments (Wednesday, August 24, 2016 13:22:37)
Lean hog futures are called mixed amid position squaring. Lean hog futures are called mixed on a combination of followthrough pressure and short-covering. Nearby futures, however, could get a boost by the discount they hold to the cash index. Pork cutout values softened 28 cents yesterday, but movement surged to 408.13 loads. The cash hog market is called steady to lower again today as packers are having no difficulty securing supplies. Week-to-date kill is running 12,000 head above week-ago and 14,000 head above year-ago. For the week ending Aug. 20, average hog weights in Iowa-southern Minnesota market rose by 0.1 lb. from the previous week, but are down 2.5 lbs. from year-ago.
|Soybeans: Afternoon Comments (Wednesday, August 24, 2016 13:20:35)
Soybean futures are called mostly 5 to 8 cents lower on profit-taking. Soybean futures faced moderate profit-taking in overnight trade, but remained within the boundaries of the recent choppy, consolidation range. The second day of the Pro Farmer Midwest Crop Tour generated average pod counts in a 3 foot by 3 foot square of 1,223.07 in Nebraska and 1,178.41 in Indiana. The U.S. dollar index is firmer and crude oil is weaker this morning, which was largely behind overnight profit-taking.
|Corn: Afternoon Comments (Wednesday, August 24, 2016 13:20:01)
Corn futures are called 1 cent lower after a fairly quiet overnight session. Corn futures didn't stray too far from unchanged overnight, but favored a weaker tone due to strength in the U.S. dollar index. Subdued trading is expected in many key "outside" markets as investors await Friday’s comments by U.S. Federal Reserve Chairwoman Janet Yellen. Traders are also keeping an eye on the Pro Farmer Midwest Crop Tour, which found an average yield in Nebraska of 158.60 bu. per acre and an average yield in Indiana of 173.42 bu. per acre. Meanwhile, Gulf corn basis is steady to 5 cents higher this morning to reflect a possible surge in demand. USDA this morning announced the sale of 101,600 MT of corn to unknown destinations for the 2016/17 marketing year.
|Wheat: Afternoon Comments (Wednesday, August 24, 2016 13:21:18)
Wheat is called 1 to 3 cents weaker on dollar strength. The U.S. dollar index is firmer this morning ahead of Friday's statement by Federal Reserve Chairwoman Janet Yellen. Futures are also seeing followthrough from yesterday's losses that were triggered by the larger-than-expected Statistics Canada wheat peg. Key this morning will be if funds view recent price pressure as a value buy or not.
|Cotton: Afternoon Comments (Wednesday, August 24, 2016 13:19:02)
After having failed at resistance associated with its 40-day moving average last week, December cotton futures couldn’t top its 10-day MA on Tuesday. It retested that technical level again overnight and again failed, thereby seeming to spur fresh selling in early Wednesday action. The slide occurred despite news of another sizeable sale at China’s daily stock auction, although news that USDA’s attache’ boosted the estimate of that country’s 2016 cotton crop by 20% may have undercut prices. December cotton declined 0.39 cents to 68.05 cents/pound early Wednesday, while the March contract dropped 0.43 to 68.69.