Corn futures are called mixed as traders even positions ahead of the Easter holiday.
- Corn futures ended the overnight session narrowly mixed, favoring a slightly weaker tone.
- Traders are focused on evening positions ahead of the weekend, and bulls still hold the near-term technical advantage.
- May corn continues to pivot around the key $5.00 level.
- This morning's weekly sales report didn't provide any surprising news. Weekly corn sales of 601,900 MT for 2013-14 and 192,600 MT for 2014-15 were within expectations and exports were strong at more than 1.1 MMT.
- USDA announced a 125,000 MT corn sale to South Korea for 2013-14, signaling prices are still a value.
Soybean futures are called to open 1 to 5 cents higher amid bull spread unwinding.
- Old-crop soybean futures ended the overnight session close to unchanged, with new-crop futures 3 to 4 cents higher.
- Traders are focused on evening positions ahead of the Easter weekend, as the market is closed for Good Friday.
- USDA reports weekly soybean export sales of 19,200 MT for 2013-14 and 400,700 MT for 2014-15, which was at the top end of expectations. Exports of 339,200 MT were reported. No major cancellations were reported.
- The fact that USDA is reporting net old-crop sales is positive for the market as it signals the market will continue to search for a price that rations demand.
- Traders still have the NOPA crush data released earlier in the week on their minds as it also provided a signal that rationing is not occurring.
- Also supportive is news that Argentine trucker and dockworkers have started an indefinite strike in an attempt to get better wages.
Wheat futures are called 7 to 8 cents higher amid concerns about the winter wheat crop.
- SRW wheat ended the overnight session mostly 7 cents higher, with HRW and HRS up mostly 7 to 8 cents.
- Traders remain concerned about the condition of the HRW crop after a freeze event earlier in the week. Ongoing drought in the region makes the crop more vulnerable to freeze damage.
- This morning's weekly export sales report is positive for the wheat market as it showed sales of 438,000 MT for 2013-14 and sales of 359,900 MT for 2014-15 -- topping expectations. Exports of 556,300 MT were steady with the previous week.
- Strategie Grains has again raised its EU 2013-14 soft wheat export forecast 1.2 MMT to 26.8 MMT to reflect the strong sales pace.
Live cattle futures are called slightly higher on strength in the beef market.
- Live cattle futures didn't stray too far from unchanged in overnight trade. Futures favored a firmer tone overnight.
- Traders are becoming more optimistic a near-term low has been posted in the beef market, which suggests the cash market could end up steady with last week's $147 trade.
- Choice beef values firmed 89 cents and Select rose $1.33 on impressive movement of 209 loads.
- Cash trade is expected to begin today as many packers are closed on Friday and Saturday ahead of Easter.
- April live cattle have narrowed the discount the contract holds to last week's cash market to a little over a dollar.
- This morning's weekly sales data showed beef sales of 21,900 MT -- a new marketing year high -- amid strong Asian demand.
Lean hog futures are called to open mixed amid pre-weekend position squaring.
- With the markets closed on Good Friday, lean hog futures are expected to be mixed as traders focus on evening positions.
- Buying will be limited by continued deterioration in the pork market, although movement picked up to suggest the market was finding value.
- Still, packer demand for cash hogs is light this week as they work to improve margins and adjust to a shortened kill schedule ahead of Easter. As a result, cash bids are called steady to $1 lower.
- Meanwhile, an uptick in pork export sales is a positive sign. Weekly pork sales of 8,600 MT were nearly double last week's light tally, with South Korea the top buyer, followed by Canada, Japan and Mexico.
USDA Announces Corn Sale to South Korea
Panhandle Ag Team hosts Florida Forage Workers Training