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Hogs: Afternoon Comments (Thursday, July 28, 2016 19:49:04)

Lean hog futures closed $1.12 1/2 to $2.82 1/2 lower with the nearby August contract leading the decline. Futures were pressured by technical selling, as the move under yesterday's low tripped a wave of sell stops. The wholesale market offered only modest support with a boost of 76 cents -- and once again, movement was slow. Cash hog bids were as much as $1 lower, as well. Slaughter today is estimated at 412,000 head, down from 430,000 a week ago and down from 424,000 a year ago. For the week, slaughter is 1,000 head higher than the previous week and up 13,000 head from a year ago.

Soybeans: Afternoon Comments (Thursday, July 28, 2016 19:50:54)

Soybean futures ended the day 6 1/2 to 8 cents lower, with the November contract leading the decline. Funds were net sellers of 5,000 contracts (25 million bu.) today. Soybean futures erased overnight gains on disappointing weekly export sales data from USDA. That report showed net sales reductions for 2015-16, although export commitments are running 2% ahead of year-ago. But a round of new sales supported prices in the early day session as USDA announced daily soybean sales of 65,000 MT to an unknown destination and 66,000 MT to China for 2015-16 and 263,000 MT to unknown and 63,000 MT to China for 2016-17. Traders continue to keep an eye on the weather as the crop will enter the crucial pod-fill period in August. While some forecasts point to high temps, they also show positive chances for rain over large areas of the Corn Belt. That realization along with the slump in crude oil prices sent soybean futures lower.

Corn: Afternoon Comments (Thursday, July 28, 2016 19:50:18)

Corn futures ended the day low-range with losses of 3 1/4 to 4 1/2 cents. Fund were net sellers of 10,000 contracts (50 million bu.) today. Funds sold an estimated 10,000 (50 million bu.) corn contracts today. Futures saw firmer trade overnight, but weakened in reaction to this morning's weekly export sales data. While sales were within expectations, there was still disappointment that current prices are not attracting stronger export demand. Still, export commitments for the current marketing year are running 3% ahead of year-ago, which is slightly ahead of the pace needed to reach USDA's export projection. Futures were also pressured by this morning's higher global corn carryover peg from the International Grain Council (see "Evening Report" for more).

Wheat: Afternoon Comments (Thursday, July 28, 2016 19:51:30)

Wheat futures erased earlier gains and slumped to close 3 to 5 1/2 cents lower in the winter wheat markets, with spring wheat down mostly around 1 to 2 cents. Funds were net sellers of 3,000 SRW wheat contracts (15 million bu.) today. Wheat futures edged up in overnight trade on weakness in the U.S. dollar index and reports of below-year-ago yields from the spring wheat tour. But prices faded under the weight of a slump in corn futures and a reminder of rising global wheat stocks. The International Grain Council this morning boosted its 2016-17 global wheat carryover projection to 228 MMT, up 2 MMT from its prior peg and up from 219 MMT for 2015-16. This morning's weekly export sales data came within expectations. Export commitments are running 27% ahead of year-ago, which is a five-point drop from week-ago.

Cotton: Afternoon Comments (Thursday, July 28, 2016 19:52:00)

Cotton futures were pressured throughout the day, but closed well off session lows with losses of 35 to 81 points. Much of today's pressure was profit-taking in nature, as this morning's weekly export sales data was positive for new-crop and the dollar was under pressure throughout the day. This positive news helped to lift futures off their lows. While weekly export sales of only 44,600 running bales were reported for 2015-16 -- a new marketing year low -- the marketing year is nearly over and the export commitment pace is running in line with what's needed to reach USDA's export forecast. Sales of 190,100 running bales for 2016-17, however, were impressive, with China the lead buyer. 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.