|Cotton: Afternoon Comments (Wednesday, July 30, 2014 02:16:05)
Cotton futures couldn’t sustain their Tuesday night rebound. The cotton market seemed to follow wheat futures higher last night, but turned decisively lower this morning. That probably marked a response to good weather forecasts and to the recent combination of equity market weakness and U.S. dollar gains, both of which bode ill for intermediate-term demand. December cotton dove 1.01 cents to 64.00 cents/pound late Wednesday afternoon, while March futures dropped 1.07 cents to 64.84.
|Wheat: Afternoon Comments (Wednesday, July 30, 2014 02:16:05)
Export news boosted the wheat markets Wednesday. Although current weather forecasts and the rising dollar also seemed bearish for the wheat outlook, golden grain prices turned decidedly higher after the USDA announced a sizeable sale to Nigeria. Traders were probably bottom-picking and short-covering as well. September CBOT wheat advanced 5.25 cents to $5.2725/bushel as Wednesday’s trading ended, while September KC wheat lifted 5.5 cents to $6.17/bushel, and September MWE wheat edged up 2.25 cents to $6.1275.
|Soybeans: Afternoon Comments (Wednesday, July 30, 2014 02:16:05)
The soy complex closed weakly. Firming Gulf quotes apparently boosted the expiring August bean contract Wednesday morning, but it couldn’t sustain the bounce. The general decline almost surely reflected forecasts for widespread Corn Belt rainfall next week, thereby alleviating worries about diminished fall production. August soybean futures dipped 6.0 cents to $12.2225/bushel at Wednesday’s close, while November futures fell 13.75 cents to $10.8125. August soyoil sank 0.20 cents to 36.05 cents/pound and August soymeal tumbled $7.8 to $387.6/ton.
|Corn: Afternoon Comments (Wednesday, July 30, 2014 02:16:05)
Corn futures fluctuated around unchanged levels Wednesday. The corn market followed soybeans lower Tuesday night as improved weather forecasts weighed on prices. Ongoing U.S. dollar gains weren’t helpful either. However, news of a sizeable wheat sale to Nigeria boosted those markets, which in turn appeared to keep yellow grain prices stable through the end of the day. September corn settled up 0.25 cent at $3.6175/bushel Wednesday, while December rose 0.5 cent to $3.715.
|Hogs: Afternoon Comments (Wednesday, July 30, 2014 02:16:05)
Talk of fresh cash and wholesale weakness depressed hog futures again Wednesday. The cash hog and wholesale pork markets stabilized Tuesday, which provided support for CME futures in early trading. However, Chicago prices turned decidedly lower by late morning, thereby marketing a reaction to news of fresh cash/pork losses. August hog futures plummeted 2.3 cents to 119.15 cents/pound at their Wednesday settlement, while December plunged 2.15 cents to 94.45.