|Cotton: Midday Report (Wednesday, July 23, 2014 11:07:00)
Cotton futures again set back from early highs. Prospects for a large U.S. cotton crop have recently dragged ICE prices downward, but the market has worked slightly higher this week. Talk of declining Texas growing conditions and improved mill interest are now supporting prices, but bulls have been unable to trigger a decisive advance. That suggests persistent vulnerability. December cotton moved up 0.13 cents to 68.04 cents per pound shortly before noon Wednesday, while March futures rose 0.07 to 68.63 cents/lb.
|Wheat: Midday Report (Wednesday, July 23, 2014 11:07:00)
The wheat markets are proving surprisingly firm. Current wheat fundamentals seem less than supportive, especially with the corn market remaining weak. U.S. wheat was also shut out of the latest Egyptian tender, which won’t help market psychology. Nevertheless, prices were mixed around midsession, thereby implying considerable underlying support. September CBOT wheat inched up 0.25 cent to $5.2475/bushel in late Wednesday morning activity, while September KC wheat crept 0.25 cent higher to $6.215/bushel, and September MWE wheat sagged 1.0 cent to $6.1775.
|Soybeans: Midday Report (Wednesday, July 23, 2014 11:07:00)
Talk of growing export demand and August weather boosted the soy complex. The crop industry is certainly anticipating a massive soybean crop this fall. However, beans and meal remain hot export commodities, as exemplified by recent news of daily sales. Also, if August weather were to turn hot and dry, bean plants pampered by marvelous early-summer conditions could suffer badly, thereby cutting the harvest. August soybean futures surged 12.0 cents to $11.96/bushel late Wednesday morning, while November futures added 11.5 to $10.6925. August soyoil edged up 0.09 cents to 36.02 cents/pound and August soymeal climbed $6.9 to $388.7/ton.
|Corn: Midday Report (Wednesday, July 23, 2014 11:07:00)
Corn futures remained under pressure Wednesday morning. Talk of excellent weather and a huge fall harvest continue weighing upon the crop markets. Pragmatic traders are seemingly anticipating a short-term bounce, but the latest news hasn’t been conducive to buying. September corn slipped 1.5 cents to $3.5875/bushel shortly before lunchtime Wednesday, while December dipped 1.5 cents to $3.6675.
|Hogs: Midday Report (Wednesday, July 23, 2014 11:07:00)
Hog futures fell sharply on bearish expectations. Hog futures acted very well Tuesday, but reversed quickly on poor cash and wholesale news overnight. The losses accelerated today, thereby seeming to reflect talk of improved supply and weaker demand prospects in the short run. August and December hog futures plunged the daily 3.0-cent price limit to 124.57 and 101.50 cents/pound, respectively, in late Wednesday morning trading.