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Hogs: Afternoon Comments (Thursday, May 26, 2016 20:13:48)

Futures ended mid- to high-range, with gains of 37 1/2 cents to $1.57 1/2. The July through October contracts were the daily price leader. Futures were supported by followthrough buying from yesterday's slight gains and spillover from cattle futures. Today's gains were mostly technical in nature, as fundamentals have softened. Pork cutout values were down $1.64 this morning on light movement and the cash hog market was mostly 50 cents to $1 lower, although some locations offered steady bids. Packers have had no trouble securing supplies for this week's holiday interrupted kill schedule. June lean hog futures ended the day at a $1.68 premium to the cash index, which will likely limit followthrough buying tomorrow.


Soybeans: Afternoon Comments (Friday, May 27, 2016 13:39:09)

Lean hog futures are called higher on followthrough buying. Futures surged yesterday to improve the near-term technical outlook. Hog futures are expected to benefit from followthrough buying this morning. But from a fundamental standpoint, the cash market is signaling a near-term high may have been posted, as the CME Lean Hog Index has stalled and packer demand has softened this week. Cash bids are expected to be steady to $1 lower again this morning as packers have had no trouble securing this week's reduced needs. Additionally, pork cutout values slipped $1.19 yesterday on sharp declines for ribs and butts. Movement was disappointing at 250.79 loads.


Corn: Afternoon Comments (Friday, May 27, 2016 13:36:23)

Corn futures are called 1 to 3 cents higher on a Chinese corn purchase. Corn futures saw two-sided trade overnight, but favored a slightly weaker tone at the end of the session. USDA announced China has purchased 130,000 MT of old-crop corn. Reflecting improved demand, Gulf corn basis is 2 cents firmer for immediate delivery this morning. Futures are working on strong weekly gains, and the July contract appears to be establishing the April high of $4.07 1/4 as support. Meanwhile, a wet weather pattern has been established across the Corn Belt. Not only is this delaying remaining corn planting, but it also raises the likelihood some of the remaining unplanted acreage will be switched to soybeans.


Wheat: Afternoon Comments (Friday, May 27, 2016 13:37:49)

Wheat is called 1 to 3 cents lower on profit-taking and dollar strength. Wheat futures saw light profit-taking overnight following yesterday's surge. Price action was lackluster overnight. Strength in the U.S. dollar index also weighed on wheat futures overnight. But key this morning will be if traders view overnight weakness as a buying opportunity after yesterday's gains improved the technical outlook slightly. Traders are concerned about the wet weather pattern that has established itself across the Central and Southern Plains. Rains at this time of year threatens the condition of the HRW wheat crop. Meanwhile, Gulf SRW wheat basis softened 2 cents this morning for nearby delivery, reflecting soft demand.




Cotton: Afternoon Comments (Friday, May 27, 2016 13:35:26)

Cotton futures surged along with the grain markets Thursday in the wake of a supportive result on the weekly Export Sales report from USDA. Talk of slow Texas plantings and potential Indian production problems in the wake of the recent heatwave also seemed to encourage bulls. However, after having stalled just below late April-early May highs, the nearby July contract set back overnight. Ultimately, the glutted global situation and the prospect of a larger U.S. crop this year make sustained cotton gains problematic. July cotton sagged 0.23 cents to 64.10 cents/pound early Friday morning, while the December contract fell 0.26 to 63.68.


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