|Cotton: Midday Report (Monday, March 30, 2015 10:51:25)
Equity strength may be boosting cotton futures. ICE cotton proved generally mixed Sunday night as traders seemed to square positions in preparation for Tuesday’s Prospective Plantings report. However, prices turned higher as Monday morning passed, which may simply have reflected the big surge posted by the equity indexes and the economic strength that implied. May cotton advanced 0.34 cents to 63.89 cents/pound shortly before noon (EDT) Monday, while December futures lifted 0.07 to 64.75.
|Wheat: Midday Report (Monday, March 30, 2015 10:51:25)
The wheat markets are reacting to spotty weekend rains. Wheat futures marched higher Friday as they recovered from Thursday’s big breakdown and resumed the rally this morning. Wire service reports cite uneven weekend rainfall over the southern Plains wheat region for the much of the rise. Also, the potential results of Tuesday’s USDA reports are focusing the industry’s attention as well. May CBOT wheat jumped 18.0 cents to $5.2575/bushel in late Monday morning action, while May KC wheat leapt 21.0 cents to $5.74/bushel, and May MWE wheat surged 14.5 to $5.895.
|Soybeans: Midday Report (Monday, March 30, 2015 10:51:25)
The soy complex moved modestly higher in early trading. The crop industry seemingly suspects Tuesday’s USDA reports will prove rather bearish for the 2015 soy outlook, which would explain last week’s sustained weakness. However, prices have begun this week firmly, possibly reflecting ideas that the slippage was overdone. As with corn, short-covering has seemed to be the order of the day so far. May soybean futures gained 6.5 cents to $9.7375/bushel as the lunch hour loomed Monday, while May soyoil rose 0.01 cents 30.61 cents/pound, and May meal rallied $4.0 to $325.4/ton.
|Corn: Midday Report (Monday, March 30, 2015 10:51:25)
Short covering reportedly boosted crop markets Monday morning. Tomorrow’s big USDA Grain Stocks and Prospective Plantings reports could spark strong reactions in the crop markets, so traders are probably squaring positions beforehand. Indeed, wire service reports cited short-covering for today’s early corn strength. Concurrent soybean and wheat gains are likely pulling corn higher as well. May corn futures edged up 2.0 cents to $3.93/bushel late Monday morning, while December added 1.75 to $4.165.
|Hogs: Midday Report (Monday, March 30, 2015 10:51:25)
CME hogs are trading mostly lower in the wake of Friday’s USDA report. Last Friday’s quarterly USDA Hogs & Pigs report was interpreted as being generally bearish. However, recent futures losses had anticipated a negative result, which explains today’s mixed action just after the CME opening. The bearish atmosphere seemed to regain dominance by late morning, although the deep deferred contracts traded higher. April hog futures sank 0.70 cents to 60.42 cents/pound just before lunchtime Monday, while June hogs slid 0.32 to 74.67.