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Cotton: Morning Comments (Friday, October 24, 2014 06:48:34)

Equity slippage is limiting cotton gains. Thursday’s big equity advance, as well as the soybean-led crop surge seemed to pull cotton futures higher. Beans seem to be boosting fiber prices again today, but overnight weakness in equity index futures implies an opposing pull from that direction. December cotton futures edged up 0.06 cents to 63.10 cents/pound just after dawn Friday, while March futures gained 0.09 cents to 61.97.

Wheat: Morning Comments (Friday, October 24, 2014 06:48:34)

The wheat markets are climbing as well. Although the global wheat situation still looks greatly oversupplied, golden grain prices have chased corn and beans higher. Much of that is simply spillover strength, but fund short-covering is very likely supplementing bullish buying. December CBOT wheat jumped 8.25 cents at $5.35/bushel Thursday night, while December KC wheat advanced 6.75 cents to $6.12/bushel, and December MWE wheat added 7.25 to $5.7825.

Soybeans: Morning Comments (Friday, October 24, 2014 06:48:34)

The soy complex is leading the other crops higher. Thursday’s news reminded the ag industry that demand for beans and meal has been extremely strong in 2014, with the weekly export sales total doubling forecasts. The fact that it broke out above its pivotal 40-day moving average after having seemed to fail in doing so Wednesday exaggerated the advance. That seemingly bodes well for short-term prospects (although resistance at 50-day MAs may be an obstacle). November soybean futures surged 5.0 cents to $9.9825/bushel in early Friday action, while December soyoil skidded 0.01 cents to 32.66 cents/pound, and December soymeal climbed $5.7 to $358.1/ton.

Corn: Morning Comments (Friday, October 24, 2014 06:48:34)

Crop futures moved unanimously higher Thursday night. Yesterday’s crop market gains, particularly the soybean surge were technically important, so it was hardly surprising to see prices continue rising overnight. Although the bulk of the corn crop remains unharvested, much of that bearish result has probably been built into prices. December corn futures gained 4.0 cents to $3.6375/bushel early Friday morning, while May ran up 4.25 to $3.8625.

Hogs: Morning Comments (Friday, October 24, 2014 06:48:34)

Pork losses are may be depressing CME hogs. Cash hog prices continued their seasonal decline Thursday, which was expected. However, after having posted a modest bounce at midday, pork cutout values ended the day modestly lower as well. That probably accounts for much of the overnight decline. December hog futures tumbled 0.77 cents to 87.95 cents/pound early Friday morning, while April hogs dove 1.02 to 87.50.


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