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Hogs: Afternoon Comments (Thursday, July 28, 2016 13:23:33)

Lean hog futures are called lower on weakness in the pork market. Lean hog futures are called lower on followthrough from yesterday's losses and continued weakness in the pork market. Pork cutout values fell $3.37 yesterday, with bellies down $15.88. Movement was a moderate 332.21 loads. Pork values are $6.54 lower than week-ago, but packers' margins remain well in the black as the cash market has also softened. Packers are having no difficulty securing this week's supplies, with week-to-date kill running 19,000 head above week-ago. As a result, cash bids are expected to be steady to $1 lower again this morning. However, with August hogs ending yesterday at around a $4 discount to the cash index, further downside risk should be limited. Futures are also severely oversold.

Soybeans: Afternoon Comments (Thursday, July 28, 2016 13:21:41)

Soybean futures are called mixed amid varied demand news. Soybean futures were trading slightly higher ahead of this morning's weekly export sales data but softened in reaction to net soybean sale reductions of 1,400 MT for 2015-16. Sales of 678,200 MT for 2016-17 were at the low end of expectations. However, after the overnight markets closed, USDA announced daily soybean sales of 65,000 MT to unknown and 66,000 MT to China for 2015-16 and 263,000 MT to unknown and 63,000 MT to China for 2016-17. The National Weather Service outlook for August 4-10 calls for below-normal temps and precip across the Midwest, which has traders somewhat concerned about conditions during pod filling. Dollar weakness is also supportive for the market.

Corn: Afternoon Comments (Thursday, July 28, 2016 13:20:59)

Corn futures closed 2 1/2 to 3 Corn futures are called mixed after a choppy overnight session. Corn futures softened in late overnight trade as soybean futures weakened. Futures were supported at times by sharp weakness in the U.S. dollar index. The dollar is being pressured after the Federal Reserve tempered expectations for an imminent interest rate hike. This morning's weekly export sales data failed to impress bulls. Sales of 438,800 MT for 2015-16 and 476,500 MT for 2016-17 were within expectations. Exports were strong at nearly 1.4 MMT. Traders remain under concerned about the weather, which has limited upside price movement this week to short-covering.

Wheat: Afternoon Comments (Thursday, July 28, 2016 13:22:19)

Wheat is called 1 to 2 cents higher on the weaker dollar. Wheat futures were supported for much of the overnight session by sharp weakness on the dollar. Spring wheat tour results are also supportive for the market. The second day of the spring wheat tour produced an average yield of 46.9 bu. per acre on samples pulled from western and north-central North Dakota, down from 47.3 bu. per acre last year, but up from the five-year average of 45.7 bu. per acre. This morning's weekly export sales data showed sales of 506,100 MT for 2015-16, which came within expectations. French consulting firm ODA projects the country's soft wheat crop at 134 MMT, down 17 MMT from last year's record crop due to late-season rains. Traders are also waiting on results from Egypt's wheat tender. The lowest offer was for Ukrainian supplies.

Cotton: Afternoon Comments (Thursday, July 28, 2016 12:55:55)

Bulls held strong hopes that Tuesday’s strong advance had set the stage for a bullish breakout from what looked like a huge ‘bull flag’ continuation pattern. Such a move might carry the market 10 cents higher. However, the breakout didn’t happen in early Wednesday trading, thereby seeming to spur active long liquidation later in the day. Prices followed through sharply to the downside Wednesday night, then bounced in the wake of the weekly USDA Export Sales report. The reduction in early losses was not anticipated, since the latest sale was a marketing-year low and down substantially from week- and four-week average levels. Thus, bulls aren’t licked yet. December cotton dropped 0.91 cents to 72.64 cents/pound in early Thursday trading, while the March contract fell 1.05 to 72.75. 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.