|Hogs: Afternoon Comments (Friday, October 02, 2015 19:26:02)
Despite reported slippage at both the cash and wholesale market levels Friday morning, hog futures also posted sizeable gains Friday. Those probably reflect strength spilling over from the equity and cattle markets, as well as persistent confidence about the short-term cash market outlook. The fact that the CME lean hog index has been accelerating upward this week probably encouraged bulls as well. December hog futures rallied 0.85 cents to 65.37 cents/pound in late Friday action, while February hogs climbed 1.02 to 68.22.
|Soybeans: Afternoon Comments (Friday, October 02, 2015 19:24:18)
Wire service sources cited harvest pressure for Friday’s soybean and meal losses. Outside influences seemed rather confusing, especially with numerous markets, especially the equity indexes and gold, posting big midsession reversals. Soyoil futures rather clearly followed the energy markets higher, which in turn may supported beans and undermined meal values. November soybeans slid 3.0 cents to $8.7425/bushel in late Friday trading, while December soyoil jumped 0.74 cents to 28.06 cents/pound and December meal sagged $2.7 to $301.2/ton.
|Corn: Afternoon Comments (Friday, October 02, 2015 19:23:44)
The corn market ended the week on firm note Friday, with the bulk of the week’s trading being confined to a relatively narrow range. The various weekly and monthly reports seemed to generally match industry expectations, with trading being balanced by technically motivated bulls and bears anticipating seasonal weakness associated with harvest pressure. December corn futures ended Friday having inched up 0.5 cent to $3.8925/bushel, while March slipped 0.25 cent to $3.995.
|Wheat: Afternoon Comments (Friday, October 02, 2015 19:24:52)
Wheat futures got off to a weak start Friday when Stats Canada published its latest estimates for its fall crops. Canadian wheat production was stated at 26.06 million tonnes, which topped pre-report forecasts by about 1 million. Given the sizeable gains posted in the wake of Wednesday’s USDA data, today’s pre-weekend setback wasn’t terribly surprising, especially when one considers the uncompetitive nature of U.S. wheat prices and the global glut. December CBOT wheat futures closed 5.0 cents lower at $5.1325/bushel Friday, while Dec KC wheat slumped 7.0 cents to $5.005, and December MWE lost 4.0 cents at $5.2725.
|Cotton: Afternoon Comments (Friday, October 02, 2015 19:26:28)
Cotton futures ended the week rather badly despite the late combination of equity market strength and U.S. dollar weakness. One has to suspect Thursday’s news that the International Cotton Advisory Council had boosted its forecast of 2015/16 global cotton stocks by 200,000 tonnes to 20.62 million played a role in today’s losses. Bulls can take some consolation from the fact that the various contracts remain above 60 cents/pound, but their inability to spark a substantial rally has to worry them. December cotton futures settled 0.46 cents lower at 60.14 cents/pound Friday, while May cotton declined 0.34 cents to 60.41.