Commentary
Soybeans Pulling Higher
Overnight trade saw price action 3 to 5 ½ cent gains in the soybean market. Soybeans plunged after the USDA report release, but rallied back to close out the Thursday session with losses of 3 ¼ to 5 ½ cents. Soymeal futures were up $2.10 to $4.70/ton. Soy Oil was...
Cattle Look to Round out Week
Live cattle recovered some early losses on Thursday to close with 37 cent to $1.17 gains. No delivery notices were issued against April futures on Thursday. A little cash trade was reported, light volume @ $182 in the South, a $2 drop on the week. Northern action has been slow...
Corn Rebounds on Friday Morning Action
Corn futures are rebounding slightly from Thursday’s weakness, with steady to 2 cent gains following overnight action. Post-USDA report action and bearish Export Sales numbers pushed corn futures lower and nearing the lows into the close. Contracts were down anywhere from fractions to 5 ½ cents on Thursday. Thursday morning’s...
Cotton Price Weakens Into Friday
Cotton futures are down 30 to 82 points this morning. Thursday action in the cotton market saw losses of 40 to 194 points. The outside markets provided some pressure, with crude oil down 63 cents and the US dollar index extending Wednesday’s strength. The weekly Export Sales release from FAS...
Wheat Hovering Near Unchanged This Morning
The wheat complex is trading steady to a penny on either side of 0 across the three exchanges on Friday morning following the overnight trade. They posted losses on Thursday, following bearish USDA data. Chicago contracts were down 6 ¾ to 7 ½ cents at the close. Kansas City HRW...
Hogs Ready to Kick Off Friday Trade
Lean hogs saw mixed trade on Thursday, with most contracts heading 12 cents to $1.02 higher. There were a couple exceptions, with April and August contracts down 17 to 30 cents. USDA’s National Average Base Hog price was down $3.58 in the Thursday afternoon report at $87.05. The CME Lean...