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Hogs: Afternoon Comments (Thursday, May 25, 2017 20:30:01)

Lean hog futures saw a two-sided trade of trade, but early losses eventually gave way to fresh buying and futures ended high-range with gains of 27 1/2 to 75 cents. Early profit-taking pressure stemmed from the overbought condition of the market, as well as the premium nearby futures hold to the cash market. But a firmer tone in the cash market this morning encouraged fresh buying interest. Cash improvement could linger well into next week as packers are enjoying profitable margins and retailers are switching to pork features.

Soybeans: Afternoon Comments (Thursday, May 25, 2017 20:31:58)

Soybean futures closed 7 3/4 to 9 cents lower, which was low-range on the day. Meal and soyoil were also lower today. Funds sold an estimated 6,000 soybean contracts (30 million bu.) today. Short-covering in overnight trade gave way to fresh selling during daytime trade. Traders reacted to shipping data that showed Brazilian soybean exports ramping up. This morning's weekly export sales data reflected a still-solid old-crop soybean sales pace, but the recent plunge in the value of the Brazilian real encouraged producers there to increase cash sales and those soybeans are now in exportable position. As a result, traders expect demand for U.S. soybeans to wane.

Adding to pressure were concerns about the ongoing wet pattern across the eastern Corn Belt. Water-logged areas of Indiana and Ohio are forecast to see more rain over the weekend, raising the risk unplanted corn acres will shift to soybeans.

Corn: Afternoon Comments (Thursday, May 25, 2017 20:31:22)

While corn futures favored the upside overnight, the market faced pressure for most of the day trading session and ended low-range and down 1 3/4 to 2 1/4 cents. Cool, wet conditions continue to keep many farmers out of the field, which raising the odds some acres will be shifted to soybeans and supporting futures overnight. But traders shifted gears following the release of the highly disappointing weekly export sales numbers for the week ending May 18. Spillover pressure from the soybean market added to the negative tone.

A daily old-crop sales announcement from USDA and a 10-MMT cut to International Grain Council's 2017-18 carryover projection for corn failed to lift bearish attitudes.

Wheat: Afternoon Comments (Thursday, May 25, 2017 20:32:38)

Winter wheat futures ended 1 to 1 3/4 cents lower, with spring wheat 1/2 to 1 1/4 cents higher. Early gains in winter wheat futures gave way to technical selling, with additional pressure coming on spillover from weakness in the corn and soybean markets. Concerns about too-wet conditions across the SRW and HRW wheat areas helped to limit selling interest. This morning's weekly export sales data came within expectations, but wasn't strong enough to support the market. Sales totaled 201,900 MT for 2016-17 and 342,900 MT for 2017-18.

Spring wheat futures remain supported by expectations that demand for high-quality wheat will remain strong, as well as spreading drought conditions across the Dakotas.

Cotton: Afternoon Comments (Thursday, May 25, 2017 20:33:34)

Cotton futures saw two-sided trade today and the market ended split, with July down 38 points, October a point lower and deferred contracts 14 to 43 points lower. Cotton futures have faced pressure lately that stemmed in part from talk this week's export sales report would feature big cancellations. While old-crop cotton shipments were down sharply from the four-week average and posted a marketing-year low at 16,200 RB, major reductions were not noted. Plus sales of 236,200 RB for 2017-18 resulted in a decent net sales tally. Exports also held up fairly well at 332,800 RB the week ending May 18. The report was not nearly as bad as feared, which led to mixed trade in the cotton market today. But traders remain on edge about possible cancellations in upcoming reports. 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.