|Cotton: Afternoon Comments (Friday, February 27, 2015 01:52:28)
Cotton seemed to be hit by profit-taking Friday. A report that China had substantially reduced its raw cotton imports in late 2014 hit the market this morning, but that probably wasn’t news to many in the industry. Given the fact that the expiring March contract fell sharply in leading the way lower (despite the lack of deliverable supplies) strongly suggests bulls were actively taking profits before the weekend. March cotton fell 0.44 cents to 64.73 cents/pound as Friday’s ICE trading ended, while July futures dropped 0.42 to 65.22.
|Wheat: Afternoon Comments (Friday, February 27, 2015 01:52:28)
The wheat markets turned rallied strongly Friday. Gains in beans probably supported winter wheat futures Thursday night, but today’s gains apparently reflected concerns about forthcoming arctic temperatures and limited snow cover over many winter wheat areas. The Minneapolis market seemingly tagged along despite the poor summer-fall 2015 outlook. March CBOT wheat surged 14.25 cents to $5.175/bushel in week-ending action, while March KC wheat ran up 7.25 cents to $5.345/bushel, and March MWE wheat gained 4.75 to $5.56.
|Soybeans: Afternoon Comments (Friday, February 27, 2015 01:52:28)
The Brazilian situation continued supporting the soy complex. Brazil’s trucker strike over taxes and fuel costs reportedly spread far and wide late this week. The blockage of numerous roads is apparently keeping beans from flowing from farms to ports and fuel from moving the opposite direction. Their farmers have limited capacity for storing beans, and have to worry that exposed legumes will prove vulnerable as their autumn approaches. March soybean futures ended Friday having climbed 6.75 cents to $10.3075/bushel, while March soyoil soared 0.96 cents to 32.80 cents/pound, but March meal dipped $0.9 to $353.7/ton.
|Corn: Afternoon Comments (Friday, February 27, 2015 01:52:28)
Corn seemed to follow the other crop markets higher Friday. Corn traders lacked news pertinent news this week, so it was hardly surprising to see traders take their lead from strike-driven soybean and weather-driven wheat rallies. Wire service reports also cited short-covering for boosting prices before the weekend. March corn futures rallied 4.5 cents to $3.845/bushel at Friday’s CBOT close, while July added 4.75 to $4.0125.
|Hogs: Afternoon Comments (Friday, February 27, 2015 01:52:28)
Rebounding pork values enabled CME hogs to firm. After surging sharply early this week, cash hog prices were called significantly lower this morning. Conversely, this week’s surprising pork breakdown seemed to end today. The wholesale weakness apparently undercut CME futures yesterday, so it wasn’t terribly surprising to see the Chicago market firm today. April hog futures closed 0.32 cents higher at 67.47 cents/pound Friday, while June hogs rose 0.25 to 82.87.