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Cattle Traders to Factor in Bullish COF Report

January 28, 2013
By: Julianne Johnston, Pro Farmer Digital Managing Editor

Follow me on twitter @julijohnston

Overnight highlights. Following are opening grain and livestock calls at 6:30 a.m. CT:

Corn: Marginally to 2 cents higher. Corn futures are slightly higher this morning, but have slipped from earlier levels due to a lack of fresh news. With few weekend developments to digest, traders are waiting on volume to increase at the start of open-outcry trade to adjust positions. Futures remain in the choppy consolidation range.

Soybeans: Mixed. Futures are favoring a firmer tone in mixed trade thanks to concerns about dryness in Rio Grande do Sul, Brazil. Dry conditions in southern Brazil are taking their toll on the crops, although stress is eased by a lack of extreme temps. Soybean futures have backed off earlier levels amid thin-volume trade.

Wheat: 1 to 2 cents lower. Chicago and Kansas City wheat are mostly 1 to 2 cents lower, with Minneapolis seeing more mixed trading. Concern over rioting in Egypt -- the world's top wheat importer -- are also limiting buying in wheat futures as it raises demand concerns. Dryness in the U.S. Southern Plains remains on the backburner.

Live cattle: Higher. Futures are called higher in reaction to Friday's Cattle on Feed Report, which showed On Feed and Placements below expectations and Marketings above expectations. The report reflected an even tighter supply situation moving forward. But traders will also be keeping a close eye on the boxed beef market after values slipped last week to push packers' profit margins deeper into the red.

Lean hogs: Steady to firmer. Hog futures are expected to benefit from spillover from live cattle, but also from improved demand for cash hogs due to tightening supplies. Packers' profit margins remain in the red, but have improved slightly. The cash market is expected to start the week steady to firmer.


 

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