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Jan 27, 2014
Good Morning! Paul Georgy with early morning comments for January 27, 2014 at 4:30 am.
Grain futures are very quiet overnight as a large part of the nation deals with below normal temps. Wheat is supported by the bitter cold weather and concerns of winter kill.
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Corn basis was firmer as farmer selling is minimal. Soybean basis slumps as demand is expected to be moving to South America very soon. Trade will be watching for government announcements at 8:00 am concerning cancellations.
The CFTC Commitment of Traders showed managed funds quiet last week with minimal changes to their net positions.
The March corn contract remains in a trading range with 4.40 resistance and 4.20 support. March soybeans have recently tested support. Friday’s low will be critical support.
The stock indexes are higher although the rest of world is lower as they catch up with Friday’s sharp sell-off in the US.
China’s National Development and Reform Commission said yesterday that hog prices have dropped more than 15% since mid-December due to oversupply.
Severe cold has its grip on the mid-section of the US which should slow movement of hogs early this week. Pork cutout values were .50 higher to close out the week at 88.11.
The Cattle on Feed Report was considered slightly bearish as placements and on feed numbers were higher than trade estimates. Early calls would have to be .25 to .50 lower on the opening. Beef cutout values were lower on Friday. Choice was down 1.29 and select down .68. The CME Feeder Index is 170.34.
Ag Leaders Conference Info
Markets as of 4:30 AM
- Mar Corn – 1/2
- Mar Beans -0
- Mar Wheat +2 3/4
- Feb Cattle Steady-Lower
- Feb Hogs Steady-Lower
- Mar Dlr -.01
- Mar S&P +4.25
- Mar Crude +.30
- Feb Gold +6.20
Chart of the Day
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