Awaiting Export Sales and Jobs Data

November 2, 2012 02:08 AM


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Overnight highlights. Following are highlights as of 7:10 a.m. CT and opening livestock calls:

Corn: Mixed. Futures are mixed this morning, although nearbys are 1 to 2 cents lower on spillover from soybeans. There's been little fresh news for the market to digest this week. It started with market interruptions on Monday and Tuesday in the financial sector and then USDA data has been delayed this week. Weekly export sales this morning will provide some fresh news.

Soybeans: 3 to 9 cents lower. Futures are seeing pressure after yesterday's gains tested the top of the month-long consolidation range. Some pressure is coming from forecasts for rains in central and northern regions of Brazil, although traders are generally waiting on this morning's weekly export sales data. If sales are strong again, it would provide another reminding that prices are not adequately rationing demand.

Wheat: Mixed. Wheat futures are narrowly mixed this morning, Nearby Kansas City and Minneapolis futures are firmer. December Chicago wheat is pivoting around unchanged. With little fresh news for the market to digest, traders are waiting on monthly employment data and the weekly export sales report for direction. Strength in the U.S. dollar index is limiting buying to short-covering.

Live cattle: Mixed. Live cattle futures are called mixed on the possibility of some short-covering on ideas yesterday's losses were overdone. However, after flirting with $200-per-cwt. last week, Choice beef values have dropped sharply this week, declining to $193.50 yesterday. This week's cash cattle trade is thought to be complete for the week at steady to $1 lower levels than last week.

Lean Hogs: Mixed. Futures are expected to be choppy again this morning. Downside risk for nearbys should be limited by the discount December lean hogs hold to the cash index. Pork cutout values slipped 13 cents yesterday, but it came on strong movement. In fact, pork movement has improved this week overall -- alleviating concerns that Superstorm Sandy had a big impact on East Coast meat demand.


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