|Hogs: Afternoon Comments (Friday, October 09, 2015 18:56:04)
Lean hogs traded mixed Friday, with the December contract and nearby months closing well above the simple moving averages. The deferred months starting June of 2016 closed lower. Cash hogs were lower by .46 to 70.74. Producers and grocers are looking beyond October National pork month, which could mean a slowing of pork demand as supplies of hogs also rise toward the end of the year. The nearby lean hog contract continues to trade at a discount to futures, by 8 cents, perhaps suggesting support in futures Monday or resistance in cash. Hog slaughter this week came in at 2.166 million head, compared to 2.136 million last week and 2.086 million this time last year. December hog futures gained 0.32cents to 66.12 cents/pound Friday, while April hogs advanced 0.05 to 72.97.
|Soybeans: Afternoon Comments (Friday, October 09, 2015 18:38:17)
(Note: Doane’s Ag Report will be published 1-2 hours later than normal this Friday due to the WASDE release.) Soybean futures closed higher on the heels of the October WASDE report Friday. While yields came in one-tenth of a bushel higher to 47.2 bu/acre, from the Sep value of 47.1 bu/ac, this was in line with expectations. Soybean harvested acres, on the other hand, came in lower than expected to 82.429 million acres, compared to the average estimate of 82.914 million and the Sep figure of 83.549 million. 2015/16 ending stocks were reported at 425 million bushels, down 50 million from the Sep estimate and compared to the average forecast of 414 million. 2014/15 Global ending-stocks came in at 77.97 million tonnes, lower than the Sep figure of 78.73 million and lower than the average forecast of 78.11 million. 2015/16 Global ending-stocks were reported at 85.14 million tonnes, higher than the average forecast of 84.14 million and the Sep value of 84.98 million. November soybeans moved 4.5 cents higher to $8.9575/bushel Friday at the close, while December soyoil lost 0.02 cents to 28.34 cents/pound and December meal lifted $3.5 to $307.8/ton.
|Corn: Afternoon Comments (Friday, October 09, 2015 18:34:13)
(Note: Doane’s Ag Report will be published 1-2 hours later than normal this Friday due to the WASDE release.) Corn futures closed over 2% lower after the Supply/Demand report release Friday. The USDA reported, in the Oct WASDE, an average yield of 168.0 bu/ac, compared to the average estimate of 167.1. This was tempered by the reduction in harvested acres to 80.664 million acres, compared to the average forecast of 80.826 million and the Sep figure of 80.101 million. Still, this resulted in the Oct production forecast of 13.555 billion bushels, above the average estimate of 13.504 billion but lower than the Sep figure of 13.585, lending pressure. December corn futures fell 8.5 cents to $3.8275/bushel Friday at the close, while March lost 8.25 cents to $3.935.
|Wheat: Afternoon Comments (Friday, October 09, 2015 18:38:41)
(Note: Doane’s Ag Report will be published 1-2 hours later than normal this Friday due to the WASDE release.) The wheat complex closed lower Friday in response to the Oct WASDE. 2015/16 U.S. wheat ending stocks came in higher than the average trade estimate of 819 million bushels to 861 million, compared to the Sep forecast of 875 million. 2014/15 World wheat ending-stocks were reported at 212.11 million tonnes, higher than the trade estimate of 211.37 and the Sep forecast of 211.31. 2015/16 World wheat ending-stocks came in at 228.49 million tonnes, compared to the 224.76 million trade estimate and the Sep value of 226.56 million tonnes. The December CBOT wheat futures were 2.25 cents lower at $5.0925/bushel Friday at the close, while Dec KC wheat lost 3.75 cents to $5.0025, and December MWE edged 1.5 cents lower to $5.31.
|Cotton: Afternoon Comments (Friday, October 09, 2015 18:56:19)
Cotton futures were higher at the close Friday after the WASDE report showed lower than expected production and higher than expect exports. Cotton production came in at 13.34 million bales (480 lb.), compared to the trade forecast of 13.51 million and the Sep estimate of 13.43 million. Exports were reported at 10.20 million bales, higher than the trade estimate of 10.10 million and steady with the USDA’s Sep forecast. 2015/16 ending-stocks were reported at 3.1 million tonnes, lower than the trade estimate of 3.39 million and the Sep figure of 3.2 million. 2015/16 ending stocks edged slightly higher than the average trade forecast to 106.97 million bales from 106.26 million. December cotton futures gained .18 cents to 61.61 cents/pound at the close Friday, while May cotton advanced 0.06 cents to 62.10.