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Hogs: Afternoon Comments (Thursday, October 27, 2016 20:15:16)

Lean hog futures strengthened throughout the day and ended high-range with gains of $1.00 to $1.40. Futures enjoyed spillover from live cattle, which spurred technical buying. Traders are also focused on evening the discount nearbys hold to the cash index. December futures ended the day at around a $6 discount to the index, which opens a little more upside potential. The cash hog market was steady to 50 cents lower today, which ends a period of steady bids so far this week. Week-to-date slaughter is running 48,000 head behind last week's lofty total and is 10,000 head below year-ago. This signals supplies are backing up and that was confirmed today by news reports that Smithfield has temporarily closed its Tar Heel plant in North Carolina due to "operational issues" that are believed to be due to full waste lagoons. The plant expects to reopen on Monday. The backlog created by this issue raises concern about heavier hogs moving to market at a time when supplies are testing capacity.

Soybeans: Afternoon Comments (Thursday, October 27, 2016 20:17:22)

Soybean futures ended the day 1 1/2 to 4 1/4 cents higher through the August contract, with far deferreds narrowly mixed. Nearby futures ended midrange. Soymeal futures surged $7 to $8 higher today and soyoil was lower amid spread unwinding. Funds bought a net 9,000 soybean contracts (45 million bu.) today. Soybeans were supported by demand news. Weekly soybean export sales of more than 2.045 MMT were up 2% from the previous week and were within lofty expectations. Additionally, exports totaled nearly 2.809 MMT -- a new marketing-year high. Also this morning, USDA announced China has purchased an additional 396,000 MT of U.S. soybeans and an unknown buyer purchased 129,000 MT -- all for 2016-17. Meanwhile, meal futures advanced today despite a disappointing weekly export sales tally of 146,200 MT for 2016-17. Soyoil sales of 24,500 MT were at the upper end of trade expectations.

Corn: Afternoon Comments (Thursday, October 27, 2016 20:16:41)

Corn futures closed near their daily highs, finishing 2 3/4 to 3 1/2 cents higher through the December 2017 contract. Funds bought an estimated net 14,000 corn contracts (70 million bu.) today. Today's action was largely technical in nature as prices gained support from soybeans and crude oil. The lift boosted prices through the 100-day moving average. The market closed above the average for the first time since June. The gains today were impressive given the stronger U.S. dollar. Fundamental news was not supportive, today. This morning's weekly export sales data came in below expectations. Also this morning, USDA announced China had purchased 204,000 MT of U.S. grain sorghum for 2016-17, reminding of fierce global feed demand competition. In addition, the International Grains Council (IGC) boosted its global 2016-17 corn production forecast by 8 MMT from last month to 1.035 billion metric tons and increased its global carryover projection by 5 MMT to 221 MMT.

Wheat: Afternoon Comments (Thursday, October 27, 2016 20:17:55)

Wheat futures saw mixed trade overnight, but followthrough buying dominated action during the day trading session and futures ended in positive territory. SRW wheat posted gains of 1 1/2 to 3 cents, while HRW and HRS wheat ended steady to up 2 cents. Strong gains in the crude oil market and a higher bias for the corn market today helped wheat futures rally as well. Traders took note that recent heat and dryness in winter wheat country have led to drought expansion. The latest Drought Monitor shows a one-class degradation of drought in the Oklahoma panhandle region, as well as spotty areas of eastern Texas. Unusual warmth persists on the Plains this week and is expected to linger well into November. The outlook for Nov. 1-5 is wet across the Plains, however. The market also got a boost from impressive wheat export sales the week ended Oct. 20. Strong demand is needed given hefty global stocks of wheat. International Grains Council reminded of that today, raising its 2016-17 global wheat carryover estimate by 2 MMT to to 233 MMT.

Cotton: Afternoon Comments (Thursday, October 27, 2016 20:18:33)

Cotton futures saw two-sided trade today, but the market settled high-range with gains of 25 to 50 points. A surge in the crude oil market and higher trade in the grain and soy markets helped lift cotton futures today. Traders were also encouraged that futures found support at the five-day moving average. On the other hand, strengthening in the U.S. dollar index as the day progressed curbed buying interest. The latest Drought Monitor showed an expansion of drought across the South, especially in the Gulf region. But concerns about this are minimal as cotton harvest is underway. is your source for ag news and information on crop pest identification, commodity and market prices, agricultural news & issues, and access to crop production management tools such as crop yield & planting calculators and herbicide, fungicide, and weed control information.