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Cotton: Afternoon Comments (Tuesday, October 21, 2014 02:08:27)

Cotton enjoyed spillover support from rising equities. The weekly Crop Progress report also seemed supportive of cotton prices. When combined with gains in the other crop markets, as well as the big surge by the equity indexes, those factors seemed to boost cotton futures as the day passed. December cotton futures closed up 0.50 cents to 62.79 cents/pound Tuesday, while March futures bounced 0.21 cents to 61.91.

Wheat: Afternoon Comments (Tuesday, October 21, 2014 02:08:27)

Wheat markets followed corn and beans higher. Today’s wheat rise apparently tracked gains in the bean and corn markets, but technicians were probably buying in anticipation of a decisive breakout above pivotal 40-day moving average resistance. Conversely, having U.S. wheat shut out of a big Egyptian purchase probably limited the advance. December CBOT wheat climbed 5.75 cents to $5.1925/bushel late Tuesday action, while December KC wheat inched up 1.25 cents to $6.0225/bushel, and December MWE wheat rallied 2.25 to $5.69.

Soybeans: Afternoon Comments (Tuesday, October 21, 2014 02:08:27)

The soy situation proved quite supportive in Tuesday’s session. The Crop Condition report also stated the soybean harvest below expectations, which accounted for a portion of today’s CBOT bounce. Talk of lagging soybean plantings in Brazil reportedly encouraged bulls as well. Concurrent crude and palm oil rallies looked supportive of oil prices. November soybean futures jumped 20.0 cents to $9.6425/bushel at their Tuesday close, while December soyoil edged 0.06 cents to 31.76 cents/pound, and December soymeal leapt $13.5 to $342.9/ton.

Corn: Afternoon Comments (Tuesday, October 21, 2014 02:08:27)

Corn futures posted an impressive rally Tuesday. Monday’s weekly USDA Crop Progress report stated the corn harvest as being just 31% complete, which apparently sparked a corn futures bounce from overnight lows. Prospects for fine late-October harvesting weather may have limited gains, but bulls were probably joined by technicians as December futures bounced from moving average support. December corn futures rebounded 7.75 cents to $3.56/bushel Tuesday afternoon, while May surged 8.0 to $3.785.

Hogs: Afternoon Comments (Tuesday, October 21, 2014 02:08:27)

Hopes for a wholesale bounce probably limited Tuesday’s hog losses. Pork cutout values crashed over 4.0 cents Monday, which partially explains the big CME losses posted yesterday. However, the pork plunge was caused by a virtual collapse in ham values. Given traditionally strong ham demand during the run-up to the holiday season, pork prices seem likely to rebound somewhat. December hog futures ended Tuesday having dropped 0.70 cents to 88.45 cents/pound, while April hogs rose 0.27 to 87.25. 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.