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Hogs: Afternoon Comments (Thursday, February 11, 2016 21:36:17)

Lean hog futures closed 37 1/2 to $1.10 higher, with the April contract leading gains. Most contracts ended high-range. Hog futures shrugged off spillover selling from the cattle market and moved higher on steady to higher cash prices and strong wholesale pork movement. Packers, who saw their cutting margins improve yesterday, bid up cash prices in order to supply another strong Saturday kill. Frigid weather made producers reluctant sellers. April futures rebounded after penetrating support at yesterday's low. The surge lifted prices just above the five-day moving average $69.51, turning that level into support.

Soybeans: Afternoon Comments (Thursday, February 11, 2016 21:31:25)

Soybean futures closed 10 to 11 1/4 cents higher, which was near their highs of the day. Soybean futures traded higher through the day as a weakening dollar triggered a corrective relief rally. The market also garnered modest support from a solid showing in this morning's Weekly Export Sales Report. It showed showed soybean sales of 666,800 MT for 2015-16, but a net sales reduction of 65,800 MT for 2016-17. The combined tally came in just above expectations. Traders were also encouraged by the slow pace of Brazil's harvest, as this could keep the window of opportunity for U.S. soybean exports open a little longer than usual.






Corn: Afternoon Comments (Thursday, February 11, 2016 21:30:48)

Corn futures strengthened with the start of the day trading session, but buying interest faded at the close. As a result, futures settled steady to a penny lower. A solid corrective rebound in the soybean market today lifted corn futures as well. The technically oversold condition of the market encouraged some short-covering, as did losses in the U.S. dollar index today. Traders are also optimistic that today's 152,400-MT corn sale to unknown destinations is a sign that the combination of a pullback in the U.S. dollar index and softer corn prices is spurring some bargain buying. Japan and Mexico have also purchased corn from the U.S. this week. This helped to temper the impact of disappointing weekly export sales of just 405,000 MT for 2015-16 and a net sales reduction of 58,900 MT for 2016-17.


Wheat: Afternoon Comments (Thursday, February 11, 2016 21:32:32)

Winter wheat futures closed slightly lower and near their lows of the day, after favoring higher prices in early morning trading. Spring wheat ended narrowly mixed. The weaker U.S. dollar index along with gains in corn and soybean futures lifted wheat futures, initially. But recognition of ongoing weak U.S. exports coupled with technical selling sent futures lower into the close. This morning's weekly export sales data was seen as neutral, with sales of 263,300 MT for 2015-16 and 36,000 MT for 2016-17. These were within light expectations. In addition, the U.S. ag attaché in China projected a 130.19-MMT wheat crop in 2015-16, adding to its plentiful stocks situation.


Cotton: Afternoon Comments (Thursday, February 11, 2016 21:33:20)

Cotton futures faced heavy pressure that took prices to new contract lows early today, but the market was able to pare losses by the close. Futures settled "just" 46 to 60 points lower for the day. Technical-based selling again weighed heavily on the cotton market as the trend of the market is clearly lower and additional commentary from Fed Chair Janet Yellen about China's economic troubles reminded traders of the nation's slack demand for cotton imports.


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