Corn and Soybean Futures Firmer, Awaiting Crop Tour Data

August 20, 2012 01:57 AM
 

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Overnight highlights. Following are highlights as of 7:00 a.m. CT and opening livestock calls:

Corn: 7 to 8 cents higher. Futures are firmer this morning, with December corn pivoting around last week's high of $8.13 3/4. There's not a lot of fresh news to digest this morning, so traders are anxious to see what the Pro Farmer Midwest Crop Tour will reveal this week.

Soybeans: 3 to 11 cents higher. Funds are adding to long positions this morning to lift soybean futures. November beans are testing resistance at the Aug. 10 high of $16.68, with futures currently near session highs. There's little fresh news for the market to absorb this morning, so it's impressive to see soybean futures higher this morning after some scattered showers moved across the Corn Belt this weekend.

Wheat: Mixed. Wheat futures are mixed this morning, with Chicago and Kansas City now favoring a slightly negative tone on strength in the U.S. dollar index. Minneapolis futures are mostly 1 to 5 cents higher on expectations demand for high-quality wheat will remain strong.

Live cattle: Mixed. Futures are expected to see a mixed start after Friday's Cattle on Feed Report failed to deliver a bullish surprise. The data showed On Feed at 101% of year-ago, which is slightly above the average trade guess of 100.7%. As a result, traders will be keeping a close eye on the beef market for demand clues.

Lean Hogs: Steady to firmer. Nearby futures should be supported by improved packer profit margins, which give traders some reason to narrow the sharp discount nearby contracts hold to the cash index. But limiting buying in futures will be plentiful supplies, which give packers little reason to bid up for hogs.


 

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