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Cotton: Afternoon Comments (Friday, November 21, 2014 02:27:31)

Other Chinese news boosted cotton futures. Talk of a weaker Chinese currency and a strong dollar also looked negative for cotton export prospects and prices Thursday night. However, the belated grain/soy rebound reinforced Chinese cotton news. That country’s officials announced last night that their shift in cotton support policies had cut acreage by 15.7%, which significantly exceeded previous estimates. Cotton futures rallied in response. December cotton vaulted 1.22 cents to 59.76 at Friday’s ICE settlement, while March futures climbed 0.66 cents to 59.52.

Wheat: Afternoon Comments (Friday, November 21, 2014 02:27:31)

The wheat markets moved generally higher. The China news and surging value of the dollar also seemed to weigh on wheat futures Thursday night. Forecasts for wet and warm weekend conditions in the central U.S. didn’t help the bullish cause. Nevertheless, golden grain markets also rebounded from early lows, thereby likely reflecting hopes for increased global demand on the China stimulus. December CBOT wheat ended Friday unchanged at $5.4725/bushel, while December KC wheat inched 1.75 cents higher to $6.04/bushel, whereas December MWE wheat dipped 1.25 to $5.8325.

Soybeans: Afternoon Comments (Friday, November 21, 2014 02:27:31)

The soy complex posted an impressive late-week surge. Given its voracious appetite for U.S. beans and meal, the overnight China move and the dollar reaction undercut the CBOT complex in early morning trading. However, rising Asian palm oil prices supported soyoil and bean futures, with late talk of increased Chinese economic activity and the tight dollar-yuan relationship supporting prices around midday. Word of strong cash quotes reportedly powered the late advance. January soybean futures jumped 18.5 cents to $10.39/bushel at late Friday trading, while December soyoil crept up 0.02 cents to 32.69 cents/pound, and December meal rebounded $7.6 to $378.4/ton.

Corn: Afternoon Comments (Friday, November 21, 2014 02:27:31)

The grain markets proved rather changeable Friday. China’s central bank announced last night that it is cutting interest rates. Stock markets and the U.S. dollar surged in response, while crop markets dipped. However, ideas that the move will spur Chinese commodity demand and the fact that they keep the yuan in a tight range versus the dollar seemed to spark a surprising grain and soy comeback. Prices fluctuated around unchanged later in the day. December corn futures slipped 0.5 cent to $3.7275/bushel at Friday’s close, while May sagged 0.5 to $3.9425.

Hogs: Afternoon Comments (Friday, November 21, 2014 02:27:31)

Spot market weakness once again undermined bulls in the CME hog pit. Thursday’s pork quotes showed signs of firming, but the cash markets gave back a portion of their recent gains at that time. The various pork cuts seemed to be trading mixed at noon Friday, thereby providing support as well. The market ended the week in mixed fashion. December hog futures slid 0.12 cents to 90.65 cents/pound in closing Friday action, while April hogs rose 0.20 to 92.95.


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