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Hogs: Afternoon Comments (Wednesday, November 25, 2015 19:50:01)

NOTE: Doane will be closed Thursday and Friday in observance of Thanksgiving. Lean hog futures rebounded Wednesday with the nearby contract surging nearly 3% on decreased supplies and a move higher in cash hogs. The USDA's cold storage report showed the pork supplies were drawn down by a record amount for October inventories, however production last week was also deemed the third largest in history. Hog slaughter so far this week was estimated at 1.318 billion head, compared to 1.311 billion last week and 1.294 billion a year ago. Country hogs moved 0.21 cents lower to 50.68 and the lean hog index gained .23% to 55.50 now at a 3 cent discount to futures, helping lift the latter. December hog futures gained 1.60 cents to 58.80 cents/pound at the close Wednesday and April hogs fell 0.15 cents to 62.50 cents/pound.

Soybeans: Afternoon Comments (Wednesday, November 25, 2015 20:21:17)

NOTE: Doane will be closed Thursday and Friday in observance of Thanksgiving. Soybean futures were higher early Tuesday morning despite the dollar index breaking above the 100.00 level, approaching the strongest dollar in nearly 13-years. The EPA is widely expected to increase requirements for biofuels through 2016 when it publishes a final Renewable Fuel Standards. It is expected to raise mandates for quantity of biofuels that must be blended into motor fuels. It is believed to raise the mandates by 400 to 500 mil gals bringing the total to 18 billion gallons. Supporting the edible oils market is the poor planting conditions in India. Lower production will support the soy complex as India is the largest buyer of edible oils. The company that led the huge expansion of Argentine soy over the last two decades said Tuesday the country’s grains output could rise by 50% over the next three years due to recent change of government. Palm oil closed 1% up at $546.06/ton on the Bursa. After 4 days of lower trading, bargain hunters jumped into the market lending short term support. Supporting oil further is the report from Malaysia Palm Oil Association that production declined 10% from Nov 1 to Nov 20. Brazil’s soybean planting progress is 66% complete, shy of last year’s pace of 74% and the five-year average of 78%. January soybeans closed 11 ½ cents higher to $8.75 ¼ per bushel on Wednesday, while December soyoil climbed 58 points to 28.89 cents per pound and December meal was up $1.00 to $284.80.

Corn: Afternoon Comments (Wednesday, November 25, 2015 20:20:33)

NOTE: Doane will be closed Thursday and Friday in observance of Thanksgiving. Grain and oilseed futures were marginally higher early Wednesday morning. The futures market will not trade on Thursday and will reopen Friday for a shortened day. The EPA is widely expected to increase requirements for biofuels use through 2016 due to higher fuel demand, when it releases a final RFS rule in the coming days. Weekly US EIA data showed output hit a record high last week. The report is short term bullish for corn. Average daily rate of production rose by 33,000 barrels per day to 1.01 mil barrels per day surpassing the previous year’s record. Biofuels stocks are up to 19.63 mil barrels. Dec corn remains in a narrow range with support at 3.56 and resistance at 3.68. Fundamentally, supply remains robust with the USDA estimating the 2015/16 corn crop as the third largest production in history at 13.654 billion bushels and the second highest yields at 169.3 bu/ac. Meanwhile, exports continue to lag behind expectations. December corn futures closed up 1 ¾ cents to $3.66 on Wednesday, while March climbed 3 ¼ cents to $3.72 ¾.

Wheat: Afternoon Comments (Wednesday, November 25, 2015 20:22:00)

NOTE: Doane will be closed Thursday and Friday in observance of Thanksgiving. Wheat futures were choppy today ahead of the US Holiday. Ample stocks and poor demand for US exports weigh on the market. First notice date for delivery against December CBOT grain contracts is Monday Nov 30. Funds sold an estimated 7,000 wheat contracts Tuesday adding to an already large net short position. Futures are underpinned by the large short position leaving the market vulnerable to short covering. Egypt purchased 240,000 tonnes of wheat from France (120,000), Russia (60,000) and Romania (60,000). Once again US wheat was not even offered. China sets wheat production at 129 million tonnes for 2016/2017 on favorable weather. Normal planting conditions, government support policies, and lower wheat prices helped the 2015/2016 production match last season highs of 129 million tonnes. French consultancy Agritel reports that Argentina could regain a leading role as an international wheat exporter if the new president keeps his promises and drastically reduces export taxes. December CBOT wheat futures declined 5 cents to $4.79 ¼ per bushel on the close Wednesday, while Dec KC wheat unchanged down ¼ cents to $4.57 ¼, and December MWE climbed 5 cents to $5.14 ½.

Cotton: Afternoon Comments (Wednesday, November 25, 2015 20:00:21)

NOTE: Doane will be closed Thursday and Friday in observance of Thanksgiving. ICE cotton futures jumped higher Wednesday, benefited by higher equities despite being pressured by a dollar that keeps rising. The Dec contract broke above three major moving averages to close .17 cent above the 40-day. Texas, the largest cotton producing state in the U.S., was at 60% harvest completion compared to 56% last week and the 75% five-year average. The recent cotton crop progress report, for the week ending Nov 22, also showed the U.S. total cotton harvest at 70% completed, compared to 64% last week and the 82% five-year average. The export sales report will be release on Friday at 7:30 a.m. CST, instead of Thursday due to the holiday. Dec cotton gained 1.74 cents to 61.98 cents/pound Wednesday, while May cotton climbed 1.23 cents to 63.96. 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.