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Hogs: Afternoon Comments (Monday, August 29, 2016 13:26:27)

Lean hog futures are called firmer on followthrough buying. Lean hog futures are expected to benefit from spillover from Friday's gains, although hog futures posted slight weekly losses. Traders' focus is thought to be on narrowing the discount futures hold to the cash index, which has stalled around $67.00 the previous two weeks. But buying will be limited as traders gauge packer demand. Cash bids are expected to be mostly steady to weaker amid plentiful supplies. For the week ended Aug. 27, dressed hog weights were steady with the previous week and down 1 lb. from year-ago. Hog slaughter was down 1.1% from the previous week, but up 1.8% from year-ago.


Soybeans: Afternoon Comments (Monday, August 29, 2016 13:24:37)

Soybean futures are called 3 to 5 cents lower. Soybean futures saw choppy trade overnight, but weakened in late trade, although respected support at Friday's lows. USDA this morning announced exporters sold 393,000 MT of new-crop soybeans to unknown destinations. This week's weather is viewed as favorable for the crop, with plenty of moisture for filling soybeans to draw from across most of the Corn Belt. On Friday after the market closed, Pro Farmer released its 2016 U.S. soybean crop of 4.093 billion bu., with an average yield of 49.3 bu. per acre. Last week large speculators increased their net long position in soybean futures by 17,749 contracts.




Corn: Afternoon Comments (Monday, August 29, 2016 13:23:46)

Corn futures are called marginally to 1 cent lower. Corn futures saw two-sided trade overnight, but softened to end the session under mild pressure. Weather is seen a non-threatening across the Corn Belt this week and the National Weather Service forecast for Sept. 3 through 7 calls for above-normal temps across the Belt and a mix of precip, with above-normal rains favored across the western and Upper Midwest. On Friday after the market closed, Pro Farmer released its 2016 U.S. corn crop peg of 14.728 billion bu., with an average yield of 170.2 bu. per acre. Last week large speculators increased their net short position by 9,456 contracts




Wheat: Afternoon Comments (Monday, August 29, 2016 13:25:17)

Wheat is called 3 to 7 cents lower on followthrough selling. Wheat futures hit sell stops overnight as futures slipped through last week's lows. A firmer tone in the U.S. dollar index adds to the bearish sentiment in the market. But futures are oversold according to the Relative Strength Index and due for a corrective bounce. News that Egypt has reinstated its zero tolerance on ergot in wheat shipments adds to the negative tone in the market. Last week large speculators raised their net short position by 2,728 contracts.




Cotton: Afternoon Comments (Monday, August 29, 2016 13:03:57)

Cotton futures held up surprisingly well last Friday in the face of U.S. dollar strength and big losses in the other major crop markets. The late-afternoon commitments of traders report probably reflected a portion of the late week firmness, since it indicated bearish fund traders had reduced their positions earlier in the week. However, the generally bearish crop market atmosphere, as well as the continued U.S. dollar strength apparently renewed selling pressure in Sunday night trading. December cotton dropped 0.69 cents to 67.34 cents/pound in early Monday activity, while the March contract tumbled 0.55 to 67.81.


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