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Cotton: Afternoon Comments (Friday, September 19, 2014 02:16:15)

West Texas rainfall may have depressed the cotton market. The ongoing U.S. dollar advance couldn’t have helped the cotton market Friday, since so much U.S. product is exported. However, fiber traders also viewed ongoing rains in west Texas with trepidation, since the moisture will probably improve yields. On the other hand, persistent rain could hurt the crop where bolls are opening. December cotton futures declined 0.66 cents to 64.39 cents/pound as ICE trading ended Friday, while March futures sank 0.67 cents to 64.29.

Wheat: Afternoon Comments (Friday, September 19, 2014 02:16:15)

Wheat prices fell once again. Thursday’s export news was quite disappointing for wheat bulls, since it confirmed the noncompetitive nature of current U.S. quotes on the global market. U.S. dollar values at 4.5-year highs are discouraged traders as well. December CBOT wheat dropped 14.0 cents to $4.745/bushel at Friday’s settlement, while December KC wheat tumbled 9.5 cents to $5.6025/bushel, and December MWE wheat dove 14.75 to $5.355.

Soybeans: Afternoon Comments (Friday, September 19, 2014 02:16:15)

The soy complex also felt the pressure Friday. The USDA announced another big bean sale to China Friday morning, but that did little to halt the ongoing slide. Anticipation of a bin-busting harvest, grain weakness and U.S. dollar strength combined to undercut prices once again. November soybean futures fell 14.5 cents to $9.57/bushel in late Friday action, while October soyoil skidded 0.26 cents to 32.46 cents/pound, and October soymeal slumped $4.7 to $324.1/ton.

Corn: Afternoon Comments (Friday, September 19, 2014 02:16:15)

Dollar strength and harvest prospects depressed the crop markets. Weakness spilling over from the wheat and bean markets, as well as U.S. dollar values at 4.5-year highs, is probably exaggerating ongoing losses in corn futures, despite an early announcement of a big sale to Mexico. December corn futures closed 6.75 cents lower at $3.34/bushel Friday, while May sagged 6.25 to $3.53.

Hogs: Afternoon Comments (Friday, September 19, 2014 02:16:15)

Big pork gains powered Friday’s hog gains. The cash hog and wholesale pork markets sent mixed signals earlier this week, thereby triggering sizeable CME losses at midweek. However, late-week pork reports indicated huge gains in pork cutout values, thereby triggering the subsequent rebound. October hogs spiked 3.00 cents to 105.97 cents/pound as CME trading ended Friday, while December leapt 1.05 to 94.85.


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