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Hogs: Afternoon Comments (Friday, July 22, 2016 19:35:24)

Lean hog futures closed 82 1/2 cents to $2.05 higher with the February contract pacing gains. Despite today's rebound, October futures finished $2.10 lower than a week ago. Futures are poised to start the week under pressure, despite today's rebound. The wholesale market has weakened and supplies are plentiful, allowing packers to obtain supplies without raising prices. Friday's Cold Storage Report from USDA disappointed traders by showing substantially more pork on hand than expected, declining less than anticipated versus May's ending stocks. Pork and live hog prices have topped and the seasonal trend points to a steady decline to lower prices this fall. Near-term indicators suggest prices may get a short-term lift from belly demand, but the overall trend will be to lower levels


Soybeans: Afternoon Comments (Friday, July 22, 2016 19:37:21)

Aggressive fund selling in the soybean market today resulted in more technical chart damage and sharp weekly losses. Futures closed off session lows, but November beans still posted a weekly loss of 68 1/4 cents. Bears clearly have momentum on their side and next week's weather is expected to be more favorable than previously thought. Cooler temps and scattered showers are in the forecast across the Corn Belt next week, which would provide relief for crops stressed by this week's heatwave. Key next week is if funds continue to lighten their once-record net long position, which we suspect they will unless there's a swift change in the weather.




Corn: Afternoon Comments (Friday, July 22, 2016 19:36:51)

Corn futures settled 3/4 cent to 1 3/4 cents higher through the July contract today, but posted weekly losses. December corn futures dropped 15 cents. Corn futures were boosted by short-covering today, but with temps expected to moderate across the Corn Belt next week, prospects for an extended price rebound are limited. The upside will remain limited to modest corrective buying unless weather forecasts are hotter and drier than expected coming out of the weekend. August weather also looks to be relatively non-threatening. While extended forecasts signal above-normal temps through the southern and eastern Corn Belt, normal temps are expected over central and northern areas of the region. Plus, above-normal temps are expected over the western Corn Belt and far western Illinois. The rest of the Corn Belt is expected to see normal temps next month.










Wheat: Afternoon Comments (Friday, July 22, 2016 19:38:07)

All wheat flavors benefited from a solid round of short-covering to end the week. For the week, front-month SRW and HRW futures posted a slight weekly gain and HRW September ended even with week-ago. Wheat will remain in a follower's role to corn and soybeans, as there's little other fresh news for the market to digest and abundant global supplies will remain a market factor throughout the year. Some support today came from heavy rains damaging crops in France, but at the same time, rains in Australia provide a much improved outlook. It will take more than an isolated global crop concern to support wheat.








Cotton: Afternoon Comments (Friday, July 22, 2016 19:38:55)

: Cotton futures closed 14 to 29 points lower with the December contract leading the decline. The December contract finished the week down 160 points, but avoided doing any serious chart damage. Weather will remain the key focus in trading early next week. Heat and drought across Texas is resulting in early boll set, setting up outlook for reduced yield. Weather will remain a key driver going forward through August. If rains do not occur, prices will be supported by prospects of declining production. If sufficient rains occur, production concerns will decline as well, turning the focus to demand. Weather concerns will drive price action into September and then prices will likely see the usual pressure associated with harvest. Demand remains an issue with eyes on China as that nation continues to sell off its mountain of government stocks.











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