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Cotton: Afternoon Comments (Tuesday, January 27, 2015 02:09:58)

Equity losses seemed to depress ICE cotton. Monday’s big cotton rally despite a general lack of news was impressive. Futures set back significantly in reaction to the large breakdown suffered by the equity markets. Conversely, the concurrent U.S. dollar drop apparently helped bring the fiber market back at the close. March cotton futures rallied 0.16 cents to 58.78 cents/pound as Tuesday’s ICE session ended, while the July contract rose 0.10 to 60.40.

Wheat: Afternoon Comments (Tuesday, January 27, 2015 02:09:58)

The wheat markets closed modestly lower. News of French wheat market weakness seemed to limit rally attempts in early trading, despite persistent reports of conflict in eastern Ukraine. Weather and conditions conducive to improved winter wheat crops also appeared to limit bullish interest. Actually, given the Tuesday morning equity breakdown, the wheat markets’ stability was rather impressive. March CBOT wheat closed down 1.5 cents to $5.19/bushel in late Tuesday action, while March KC wheat dipped 4.25 cents to $5.5025/bushel, and March MWE wheat skidded 2.5 to $5.665.

Soybeans: Afternoon Comments (Tuesday, January 27, 2015 02:09:58)

The soy complex traded in decidedly mixed fashion. This morning the USDA daily trade reporting system indicated that 111,000 tonnes of soybeans had been sold to an ‘unknown destination’; that news was accompanied by another item saying China had canceled a 120,000-tonne sale. Those developments seemed to render beans and meal vulnerable to the broad selling. Soyoil quotes rose in response to an overnight bounce in palm values. March soybean futures fell 9.75 cents to $9.7375/bushel at their Tuesday settlement, while March soyoil bounced 0.09 to 31.17 cents/pound, whereas March meal slid $2.3 to $336.6/ton.

Corn: Afternoon Comments (Tuesday, January 27, 2015 02:09:58)

Equity losses seemingly weighed on the crop markets Tuesday. A lack of news kept the crop markets narrowly mixed Monday night. However, the equity markets turned sharply lower this morning, thereby seeming to reflect investor disappointment with Microsoft and Caterpillar earnings announcements, as well as the results of the Greek election. The crop markets moved generally lower despite the concurrent drop by the U.S. dollar. March corn sagged 2.75 cents to $3.8125/bushel Tuesday afternoon, while July slumped 3.0 to $3.97.

Hogs: Afternoon Comments (Tuesday, January 27, 2015 02:09:58)

The stock drop may have exaggerated losses in the hog pit. Chicago hog prices rallied strongly again on today’s opening, thereby seeming to reflect renewed optimism about the short-term outlook. However, futures reversed shortly after the opening and gave back a sizeable portion of the early advance. The stock market breakdown probably discouraged bulls, but the morning drop in pork values likely caused the reversal. February hog futures ended Tuesday having fallen 1.40 cents to 69.42 cents/pound, while June hogs dropped 0.62 cents to 81.57.


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