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Cotton: Afternoon Comments (Wednesday, November 26, 2014 02:46:39)

Cotton continued to rally Wednesday following the impressive advances registered yesterday. , although the fundamental situation of projected global ending stocks enough to meet current global usage for more than 11 months is negative to the market. But futures climbed back above the important 60 cent mark by the close as low prices are beginning to discourage producers globally. India expects to harvest a record crop of 40 million bales this year, yet their government purchasing agency reports farmer sales down 19% from a year ago, balking at prices offered. It’s more evidence to traders that global cotton acreage may decline in 2015, not just in the U.S. By the close, spot December had rallied over 200 points on short covering ahead of delivery notices while March futures moved up 0.72 cents to 60.03.

Wheat: Afternoon Comments (Wednesday, November 26, 2014 02:46:39)

Wheat futures posted a mixed note with strength showing front-month contract Wednesday morning. Profit-taking actions undercut the market. But fundamentals of slower farmer selling and ongoing uncertainty about vulnerability to winterkill in parts of the U.S. Plains were still bullish. Talk of poorly established crop to start with and lack protective snow cover in Black Sea region is also supportive. December CBOT wheat rose 10.5 cents to $5.62/bushel Wednesday, while December KC wheat moved 3.75 cents higher to $6.21/bushel, whereas December MGE wheat gained 7.75 cents to $5.9850.

Soybeans: Afternoon Comments (Wednesday, November 26, 2014 02:46:39)

Soybean futures suffered a setback along with weak soymeal values in the morning trading after prices shot sharply higher towards the closing bell yesterday. However, firming basis owing to slow farmer sales curbed the losses in beans and meal bids came roaring back by the close today. Export demand remains robust as USDA’s daily reporting system announced that private exporters sold additional 120,000 tonnes of beans to China. Reports yesterday that the U.S. Congressional Budget Office (CBO) has a preliminary forecast for soybean acreage in the U.S. to drop by 2 million acres in 2015 also holds a positive implication. January soybean futures retreated 4 cents to $10.47/bushel by the close, while December meal shot up to close $11 higher at $401.60/ton. December soyoil added 0.06 cents to 33.48 cents/pound.

Corn: Afternoon Comments (Wednesday, November 26, 2014 02:46:39)

Corn futures continued to creep higher Wednesday. Slow farmer selling was resulting in firmer basis as the cold weather spurs domestic feed demand. At the same time demand from ethanol plants is rising as well. But export demand is still sluggish. News out of China said the country is planning to build more containers to reduce storage pressure due to increasing stockpiles of grains. December corn futures advanced 4 cents to close at $3.7825/bushel Wednesday, while May was up 4.50 cents to $4.0025.

Hogs: Afternoon Comments (Wednesday, November 26, 2014 02:46:39)

Hog futures were rather mixed Wednesday morning. Yesterday’s downside reversal just short of the downtrend line in December futures giving charts a weak appearance. Rising slaughter runs aren’t particularly bearish since they’ve just risen to levels consistent with Hogs & Pigs report data after running suspiciously low for several weeks prior. Cash hogs are steady to firm as we’re nearing the end of any seasonal bulge in slaughter numbers and the time when ham demand picks up right after Thanksgiving. December hog futures fell 0.30 cents to 90.65 cents/pound Wednesday, but April hogs gave up just $0.05 cents to $91.60. 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.