|Hogs: Afternoon Comments (Tuesday, August 23, 2016 21:11:38)
Lean hog futures closed 27 1/2 to 67 1/2 cents lower, finishing low-range. Hog futures firmed in the early trading despite the bearish USDA Cold Storage Report released Monday afternoon. But hefty runs and steady to weaker cash prices combined with the bearish stocks figure to press prices lower. The report's stocks findings came in around 30 million lbs. higher than expected and up 2% from the previous month. Slaughter today is estimated at 435,000 head, up from 433,000 last week and from 422,000 head a year ago. December hog futures slipped back but found support at Friday's low, the 10-day moving average and the mid-August two-week uptrend line. The line offers support tomorrow at about $56.50. Resistance is yesterday's high at $58.45, which coincides with resistance from the 40-day moving average
|Soybeans: Afternoon Comments (Tuesday, August 23, 2016 21:13:28)
Soybean futures closed 1 to 2 1/2 cents lower, finishing near their highs of the day. Funds were net sellers of 500 contracts (2.5 million bu.) today. Soybean futures traded narrowly and under light pressure today. A slightly more favorable than expected crop rating from USDA surprised traders and was viewed as slightly bearish. But the recent wave of strong export news tempered selling. In addition, Statistics Canada pegged that nation's canola crop at 17 MMT, down 1.2% from 2015 and under the average trade guess of 18.1 MMT.
|Corn: Afternoon Comments (Tuesday, August 23, 2016 21:12:55)
Corn futures closed 3 3/4 to 5 1/4 cents lower, finishing low range. Funds were net sellers of 11,000 contracts (55 million bu.) today. Corn future suffered from spillover in wheat futures. Yesterday' crop condition ratings were viewed as slightly more bearish than expected as the percentage of the crop rated "good" to "excellent" rose one point from the previous week to 75%. In addition, China's National Grain Trade Center reported only 7.45% of the supply offered via its auction was sold, adding to bearish attitudes.
|Wheat: Afternoon Comments (Tuesday, August 23, 2016 21:14:45)
SRW wheat futures closed 7 1/2 to 8 1/2 cents lower, HRW futures finished 5 3/4 to 6 1/2 cents lower, HRS futures closed 5 3/4 to 8 3/4 cents lower except the September contract which closed 16 1/4 cents lower. Funds were net sellers of 5,000 contracts (25 million bu.) today. Wheat futures came under pressure today from a hefty Canadian wheat crop production forecast and technical-related selling. Statistics Canada this morning pegged that nation's all-wheat crop at 30.5 MMT, the second-largest harvest in 25 years, and up 10.5% from last year. That figure adds to already ample global supplies. In addition USDA reported late yesterday spring wheat harvest was 65% complete, up from 48% the previous week and well ahead of the five-year average of 46%.
|Cotton: Afternoon Comments (Tuesday, August 23, 2016 21:16:29)
Cotton futures closed 9 to 20 points higher, but closed near their lows of the day. Cotton futures gained light support from yesterday's USDA condition ratings release late yesterday afternoon. USDA said 47% of the crop was rated "good" to "excellent" as of Sunday compared to 48% a week ago and 53% a year ago. But declines in both Texas and Louisiana were noted. December futures failed on their attempt to puncture resistance starting at 69.00 cents and running up to 70.00 cents. But support appeared at the 68.45 level. Prices punched through the steep August downtrend by trading sideways, and did not attract much in the way of followthrough after doing so. However, the breaking of the downtrend is a positive and hints stabilization may be underway,