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Hogs: Afternoon Comments (Friday, August 28, 2015 19:19:47)

CME hogs futures settled lower Friday amid oversupply and lower wholesale pork values. An industry report recently stated that Chinese pork supplies will experience a shortfall of 600,000 tonnes before the end of the year, suggesting pork exports to China are due to increase. Domestically, the sharp fall in demand for pork appears to be near but confirmation may not come until next week sometime. Cash hog values were lower by 1.09 cents to 72.58. October hog futures lost .40 cents to 66.42 cents/pound Friday, while May slid 0.32 cents to 74.82.

Soybeans: Afternoon Comments (Friday, August 28, 2015 19:23:20)

China’s stock market rally of nearly 5% Friday gave soybeans support Friday. Some talk of weather may also be adding support as traders express concerns about dryness impacting final yields. On the other hand, many see the drier outlook as positive for maturation. New export sales are picking up pace ahead of Q4, what is hoped to be a big buying month for China. Nearby ICE Brent Crude Oil gained 5.4% to $50.13/barrel and the U.S. Dollar index gained .49 to 96.10. September futures gained 7 cents to $8.9325/bushel Friday, while September soyoil climbed .90 cents to 27.79 cents/pound and September meal lost $1.5 to $321.40/ton.

Corn: Afternoon Comments (Friday, August 28, 2015 19:22:58)

Weather concerns and volatile world financial markets led to corn closing mixed Friday. Talk of an early frost or a significant yield revision in the September WASDE had some investors turning opportunistic while others remain bearish. China’s stock market rallied 4.9% Friday, while U.S. stocks opened higher but appeared headed to a close lower. The dollar index gained .54%. The International Grains Council increased its 2015/16 world corn crop forecast by 2 million tonnes to 968 million. September corn futures were 0.5 cents lower to $3.6325/bushel Friday, while December was unchanged at $3.765.

Wheat: Afternoon Comments (Friday, August 28, 2015 19:24:27)

The abundant global outlook for wheat supplies pushed wheat futures lower Friday with Sep Chicago wheat settling just 3 cents above the contract low. The International Grains Council raised the world forecast for 2015/16 wheat by 10 million tonnes to 720 million mostly on the improved outlook in Russia, Ukraine, and the EU. SovEcon raised its 2015 Russian wheat forecast by 2 million tonnes to 101 million. September CBOT wheat futures lost 7.25 cents to $4.77/bushel Friday, while Sep KC wheat fell 7.75 cents to $4.5675/bushel, and September MWE dropped 4 cents to $4.90.

Cotton: Afternoon Comments (Friday, August 28, 2015 19:24:49)

The rebound in Chinese stocks surprisingly did not help cotton futures Friday, presumably due to technical trading and end of week consolidation by funds. The tighter than expected balance sheet for cotton and the drop in the condition rating have given cotton bulls something to talk about as of late but world market problems are now the driver. While the global scene for cotton is largely still plagued by oversupply, the recent bullish data appears to be giving way to world economic and currency struggles, particularly related to Chinese demand fears. December cotton futures lost .16 cents to 63.00 cents/pound Friday, while May fell 0.29 cents to 63.09. is your source for ag news and information on crop pest identification, commodity and market prices, agricultural news & issues, and access to crop production management tools such as crop yield & planting calculators and herbicide, fungicide, and weed control information.