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Cotton: Midday Report (Wednesday, October 01, 2014 10:57:30)

Cotton is rebounding from recent lows. The cotton situation seems generally bearish, particularly with recent financial market action holding negative demand implications. In addition, an important industry figure made bearish comments about the fiber outlook Tuesday night. Nevertheless, December futures bounced from yesterday’s lows, possibly in response to news that the U.S. and Brazil have settled their dispute over U.S. cotton industry support. December cotton futures rallied 0.57 cents to 61.94 cents/pound shortly before noon (EDT) Wednesday, while March futures moved up 0.27 cents to 60.72.

Wheat: Midday Report (Wednesday, October 01, 2014 10:57:30)

The wheat markets also stabilized. As negative as the corn and bean situations seem, they’re probably in better shape than the wheat markets. The global situation appears especially negative, especially with the U.S. dollar marching steadily higher (and raising the cost of U.S. grain to export customers). Thus, today’s midsession rebound looks rather impressive. December CBOT wheat bounced 1.25 cents to $4.79/bushel around midsession Wednesday, while December KC wheat rose 0.5 cent to $5.585/bushel, but December MWE wheat slumped 2.75 to $5.3075.

Soybeans: Midday Report (Wednesday, October 01, 2014 10:57:30)

Bean and oil futures defied bearish harvest pressure as well. Soybean and product futures declined Tuesday despite supportive USDA data. As seemed rather clear yesterday, the results of the accelerating fall harvest are boosting supplies and exerting increasing pressure upon prices. Oil values bounced despite overnight Asian palm losses and seemed to lead beans higher by late morning. November soybean futures crept 0.25 cent higher to $9.135/bushel just before lunchtime Wednesday, while December soyoil surged 0.49 cents to 32.86 cents/pound, whereas December soymeal sank $1.5 to $297.4/ton.

Corn: Midday Report (Wednesday, October 01, 2014 10:57:30)

Crop futures firmed despite harvest pressure Wednesday morning. The domestic and global markets are well supplied with grain and soy products. Moreover, supplies are likely to become burdensome when Northern Hemisphere crops, particularly those in the U.S., are harvested. Today’s early firmness suggests the downtrend is losing momentum. December corn futures edged up 0.25 cent to $3.21/bushel late Wednesday morning, while May added 0.25 to $3.4225.

Hogs: Midday Report (Wednesday, October 01, 2014 10:57:30)

Concerns about fourth-quarter prospects appear to be depressing hog futures. The cash and wholesale markets proved relatively strong Tuesday, but bulls couldn’t sustain recent strength. That probably reflects trader concerns about seasonally surging hog and pork supplies, particularly after a weekly report showed a big jump in hog weights. December hogs slipped 0.27 cents to 94.25 cents/pound late Wednesday morning, while June gained 0.27 to 94.27.


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