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Cotton: Midday Report (Friday, October 24, 2014 11:10:18)

Renewed stock strength is boosting cotton. Cotton is once again suffering a dearth of pertinent news, so traders have seemingly turned their attention to the equity markets (and their implications for future apparel demand). Stock index futures declined Thursday night, but turned strongly higher again today; that’s probably pulling cotton values higher as well. December cotton futures jumped 1.28 cents to 64.32 cents/pound just before noon (EDT) Friday, while March futures surged 1.01 cents to 62.89.

Wheat: Midday Report (Friday, October 24, 2014 11:10:18)

The wheat markets are mixed to lower. Prospective rainfall over the southern Plains seems to be weighing on KC wheat today, with the Chicago market following lower. Minneapolis prices have sustained a portion of overnight gains. December CBOT wheat sagged 2.5 cents at $5.2425/bushel as the lunch hour loomed Friday, while December KC wheat sank 5.0 cents to $6.0025/bushel, and December MWE wheat edged down 0.5 to $5.705.

Soybeans: Midday Report (Friday, October 24, 2014 11:10:18)

The soy complex is now leading the other crops lower. Thursday soy surge was very impressive, especially in the way the nearby November bean contract leapt above its 40-day moving average. However, the advance was also affected by option expiration, which may have exaggerated the rise. News of improved rainfall prospects for Brazilian bean areas may also be undercutting bulls. November soybean futures tumbled 8.0 cents to $9.8525/bushel around midsession Friday, while December soyoil slid 0.25 cents to 32.42 cents/pound, and December soymeal slumped $3.6 to $348.8/ton.

Corn: Midday Report (Friday, October 24, 2014 11:10:18)

Crop traders may be taking profits before the weekend. The grain and soy markets have performed well this week despite generally bearish fundamentals. That latter fact is probably the underlying reason for today’s CBOT slippage, with bullish corn traders taking profits on long positions ahead of the weekend. December corn futures dipped 4.5 cents to $3.5525/bushel late Friday morning, while May lost 4.5 to $3.775.

Hogs: Midday Report (Friday, October 24, 2014 11:10:18)

Talk of cash weakness is likely depressing CME hogs. Cash hog prices continued their seasonal decline Thursday and were called weaker again this morning. Bottom picking/bull spread may be occurring this morning, since deferred futures are losing ground to nearby December futures. Whether that will last is quite uncertain. December hog futures stumbled 0.22 cents to 88.50 cents/pound in late Friday morning action, while April hogs dropped 0.82 to 87.72.


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