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Cotton: Afternoon Comments (Thursday, August 21, 2014 02:30:56)

Cotton futures failed at major resistance Thursday. Cotton futures broke out above short-term moving averages Wednesday morning and posted a strong follow-through advance yesterday afternoon and again overnight. However, futures turned downward after apparently failing in a quick test of their 40-day moving averages at Thursday’s high. December cotton settled up 0.11 cents to 65.92 cents/pound Thursday afternoon, while March futures slumped 0.09 cents to 66.42.

Wheat: Afternoon Comments (Thursday, August 21, 2014 02:30:56)

Reduced Canadian production appeared to boost wheat prices. Today’s wheat export sales totals were rather disappointing, but traders probably ignored them, since Canada published its latest production estimates at the same time. STATS Canada estimated the wheat harvest at 27.7 million tonnes, modestly below forecasts averaging 28.5 mmt. The subsequent Minneapolis strength was no surprise. September CBOT wheat climbed 6.75 cents to $5.4625/bushel at Thursday’s settlement, while September KC wheat lifted 3.25 cents to $6.22/bushel, and September MWE wheat advanced 5.5 to $6.1575.

Soybeans: Afternoon Comments (Thursday, August 21, 2014 02:30:56)

The export data looked supportive of nearby soy futures. This morning’s Export Sales numbers were mixed, as exemplified by a drop in old-crop bean commitments and the huge new-crop sales figure. Old crop meal sales seemed supportive, but much less so for new crop. Traders were once again reacting to ideas of vigorous soy demand, but the looming harvest record and oil weakness weighed on new crop prices later in the day. September soybean futures surged 16.5 cents to $11.3625/bushel in late Thursday trading, while November futures inched 0.25 cent higher to $10.3825. September soyoil slipped 0.08 cents to 32.78 cents/pound, and September soymeal rallied $11.2 to $413.0/ton.

Corn: Afternoon Comments (Thursday, August 21, 2014 02:30:56)

The corn market rose in concert with nearby beans and wheat Thursday. The weekly USDA Export Sales report provided no surprises for corn traders, which seemingly left them open to following the bean and wheat markets higher. Ultimately, talk of strong demand seems to be supporting the crop markets at this juncture. September corn closed up 2.75 cents to $3.6225/bushel Thursday, while December added 1.5 to $3.69.

Hogs: Afternoon Comments (Thursday, August 21, 2014 02:30:56)

The hog market may have posted a technical low. Although cash hog prices reportedly weakened again this morning, pork cutout values posted a moderate rise. That news, along with oversold technical conditions sparked a swine futures bounce from early lows. Whether bulls can build upon that remains to be seen. October hogs ended Thursday having jumped 1.12 cents to 93.62 cents/pound, while December bounced 1.12 to 87.55.


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