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Cotton: Afternoon Comments (Thursday, September 18, 2014 01:56:55)

The export situation seemed to depress cotton futures. The cotton industry has long hoped for cutbacks in China’s support program, since that country has built a massive stockpile in recent years. China is shifting to a price support program, but the support price announced overnight looked very high, thereby implying little reduction in Chinese supplies. The weekly Export Sales report wasn’t encouraging either. December cotton futures declined 0.63 cents to 65.05 cents/pound at Thursday’s ICE settlement, while March futures lost 0.62 cents to 64.96.

Wheat: Afternoon Comments (Thursday, September 18, 2014 01:56:55)

Wheat exports disappointed traders this morning. Recent events have emphasized the global wheat glut and the fact that U.S. wheat isn’t competitive on the global market. Recent dollar strength and today’s weak result on the USDA Export Sales report offered confirmation of those ideas. December CBOT wheat tumbled 10.75 cents to $4.885/bushel in late Thursday trading, while December KC wheat sank 12.5 cents to $5.6975/bushel, and December MWE wheat dropped 12.75 to $5.5025.

Soybeans: Afternoon Comments (Thursday, September 18, 2014 01:56:55)

Talk of surging yields depressed soy values. Another sizeable bean sale to China was announced Thursday morning, while the bean and meal results on the weekly Export Sales report seemed to offset. CBOT futures turned substantially lower, which reportedly reflected industry talk of soaring soybean yields as the harvest gets underway. November soybean futures ended Thursday having fallen 11.0 cents to $9.715/bushel, while October soyoil slumped 0.67 cents to 32.72 cents/pound, and October soymeal dropped $7.6 to $328.8/ton.

Corn: Afternoon Comments (Thursday, September 18, 2014 01:56:55)

Dollar strength probably weighed on corn prices Thursday. The U.S. dollar surged to a 14-month high overnight and is close to its highest levels since spring 2010. Greenback strength raises the cost of U.S. commodities on international markets, thereby hurting their competitiveness. Prices typically adjust downward as a result. The weekly Export Sales result for corn was mediocre. December corn futures dipped 3.5 cents to $3.3825/bushel at Thursday’s close, while May sagged 3.25 to $3.5925.

Hogs: Afternoon Comments (Thursday, September 18, 2014 01:56:55)

Pork losses exaggerated technical selling in hog futures. The cash hog markets rose again Wednesday, which seemed supportive. However, pork prices fell, thereby appearing to exaggerate technical selling spurred by nearby futures’ inability to hold above moving average support. Deferred futures bounced from midsession lows, while October remained under pressure. October hogs plunged 2.12 cents to 102.97 cents/pound in Thursday’s closing action, while December dipped just 0.10 to 93.80.


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