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Cotton: Afternoon Comments (Thursday, April 17, 2014 02:09:57)

Cotton futures turned lower despite supportive export news. The weekly Export Sales report stated cotton totals well above recent results, which seemed very supportive of the fiber market. However, after sustaining their Wednesday rally overnight, nearby cotton futures turned lower Thursday. One has to wonder if that marked a belated reaction to poor Chinese import news posted early in the day. May cotton fell 0.87 cents to 90.17 cents/pound as ICE trading ended Thursday, while December cotton gained 0.58 to 81.94.

Wheat: Afternoon Comments (Thursday, April 17, 2014 02:09:57)

Strong wheat exports boosted those markets Thursday. The weekly USDA Export Sales report stated last week’s wheat figure above the forecast range, thereby suggesting recent price slippage has sparked renewed international interest. Talk of persistent dryness and freeze damage to Southern Plains wheat also seemed spur buying. May CBOT wheat futures settled 3.25 cents higher at $6.9125/bushel Thursday afternoon, while May KCBT wheat futures climbed 3.5 cents to $7.58, and May MWE futures surged 6.25 to $7.3275.

Soybeans: Afternoon Comments (Thursday, April 17, 2014 02:09:57)

The export data seemed to exacerbate today’s early soy pullback. Soybean and product prices had proved extremely strong in the wake of Tuesday’s bullish NOPA crush report. However, beans were backing away from overnight highs in early trading and the decline accelerated after the export sales result proved mediocre. May soybeans declined 4.75 cents to $15.14/bushel at their Thursday close, while May soyoil sagged 0.30 cents to 43.41 cents/pound, and May soymeal dipped $2.7 to $488.3/ton.

Corn: Afternoon Comments (Thursday, April 17, 2014 02:09:57)

Corn traders seemed disappointed by Thursday’s Export Sales report. Potential improvements in spring planting conditions have been weighing corn futures. Traders also seemed less than impressed by the weekly USDA Export Sales report, which stated last week’s result toward the lower end of the forecast range. May corn slid 2.75 cents to $4.9475/bushel in late Thursday trading, while December lost 2.25 to $4.9675.

Hogs: Afternoon Comments (Thursday, April 17, 2014 02:09:57)

Technicians may have bought hog futures. The latest cash and wholesale news has not been particularly supportive of the short-term hog outlook. Nevertheless, some traders may now be looking for a significant late-spring price rebound, since the market traditionally proves quite strong in May and June. Technicians seemed to buy in anticipation of a larger short-term advance. June hog futures climbed 1.05 cents to 124.82 cents/pound as the CME session ended Thursday, while December moved up 0.25 to 88.75.


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