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Cotton: Afternoon Comments (Wednesday, September 17, 2014 01:50:59)

Brazilian news supported cotton futures. A Tuesday afternoon report from the USDA attaché in Brazil predicted an 11% drop in Brazilian cotton acreage this year, thereby implying a surprisingly low production total in early 2015. Futures surged in response but subsequently faltered. December cotton futures closed 0.13 cents higher at 65.68 cents/pound Wednesday, while March futures rose 0.19 cents to 65.58.

Wheat: Afternoon Comments (Wednesday, September 17, 2014 01:50:59)

The failed Japanese tender may have encouraged wheat traders. The global wheat situation certainly seems bearish, with glutted conditions having weighed on prices for months. However, news that a Japan got no bids on a Tuesday night tender suggests the price was simply too low for suppliers, thereby implying emerging market support. Wire service sources cited bargain-hunting. December CBOT wheat bounced 3.0 cents to $4.9925/bushel as Wednesday’s pit session ended, while December KC wheat dipped 1.0 cent to $5.8225/bushel, and December MWE wheat slumped 2.5 to $5.63.

Soybeans: Afternoon Comments (Wednesday, September 17, 2014 01:50:59)

Bullish export news supported the soy complex. One has to suspect talk of big Chinese bean buying played a sizeable role in the soy gains posted Tuesday night. The USDA announced Wednesday morning that China had bought 620,000 tonnes of beans for 2014/15 delivery. Prices set back from the early highs, with meal values dropping below unchanged levels. November soybean futures inched up 1.75 cents to $9.825/bushel at their Wednesday close, while October soyoil followed palm prices higher, rising 0.58 cents to 33.39 cents/pound, and October soymeal sank $1.9 to $336.4/ton.

Corn: Afternoon Comments (Wednesday, September 17, 2014 01:50:59)

Ethanol news likely undercut corn futures Wednesday. The weekly EIA report on the energy sector stated domestic ethanol stocks at an 18-month high, thereby implying diminished corn demand from that sector. That won’t help the grain industry with another massive harvest looming. December corn futures dipped 2.0 cents to $3.4175/bushel in late Wednesday trading, while May sagged 1.75 to $3.625.

Hogs: Afternoon Comments (Wednesday, September 17, 2014 01:50:59)

Hog futures proved surprisingly weak. Both cash hog and pork values rose significantly Tuesday, thereby seeming to imply more of the same during the days ahead. However, CME futures turned decidedly lower in response to bearish midday spot reports. Those might presage more of the same during the coming days and weeks. October hogs dove 1.77 cents to 105.10 cents/pound at their Wednesday settlement, while December plummeted 2.02 to 93.90.


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