|Cotton: Midday Report (Tuesday, December 10, 2013 11:27:48)
Cotton futures moved higher from early losses in the late Tuesday morning. Traders probably felt that the drop was overdone, so a technical rebound seemed warranted. In the market, the positive implication of depreciation of US dollars competes with the negative impacts of the weakness of equity index values. USDA remained same number for domestic ending stocks. March cotton futures declined 0.03 cents to 80.33 cents/pound, while July cotton descended 0.01 cents to 80.68.
|Wheat: Midday Report (Tuesday, December 10, 2013 11:27:48)
Wheat turned decisively lower on Tuesday. USDA WASDE reported that 2013/14 December wheat ending stocks 575 million bushels. That compares to the November wheat ending stocks at 565 million bushels. In addition, rising global wheat supplies further added downward pressure on the wheat prices. March CBOT wheat futures tumbled 11 cent to $6.395/bushel, while March KCBT wheat futures fell 12.75 cent to $6.8325, and March MWE futures dove 8 to $6.6875.
|Soybeans: Midday Report (Tuesday, December 10, 2013 11:27:48)
Soybean futures posted a mixed note in Tuesday morning. On the bearish side, Asian palm oil ended lower which added downward pressure on soybean futures prices. In the meantime, Brazil increased its soy production forecast to 90.0 mmt from an average of 89.0 mmt in November, which weighed on the market. On the other hand, however, very tight domestic soybean ending stocks from USDA supported the market. January soybeans gained 0.5 cents to $13.4425/bushel in Tuesday trading, while January soyoil increased 0.09cents to 40.31cents/pound, and January soymeal advanced $4.1 to $465.7/ton.
|Corn: Midday Report (Tuesday, December 10, 2013 11:27:48)
Corn futures turned lower at midday. The market’s reaction to the USDA supply and demand report turned negative even though the revisions for corn were generally positive for the price outlook. USDA raised exports and industrial use by 50 million bushel each and cut ending stocks by 95 million bushels from last month to 1.792 billion, well below trade estimates for only a 15-25 million bushel cut. However, USDA lowered the season average price forecast 10 cents per bushel to $4.40 and lower wheat prices seemed to spill over into corn. March futures were 6 cents lower at $4.32/bushel while May was 6 cents lower to $4.405.
|Hogs: Midday Report (Tuesday, December 10, 2013 11:27:48)
Hogs futures continued the downward pattern on Tuesday morning despite the cash bids were holding steady. Although the temperature dropped to a very low level, farmers believe that there are no problems moving hogs. Therefore, supplies of hogs are still sufficient. February hog futures dropped 1.175 cents at 88.675 cents/pound, while June moved down 0.5 to 100.075.