Grains Post Solid Gains Overnight

August 23, 2011 02:34 AM
 

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Overnight highlights. Following are highlights of overnight trade and opening calls:

Corn: 3 to 4 cents higher. Futures were stronger overnight on help from dollar weakness and continued deterioration of the crop. Our weighted Crop Condition Index shows the corn crop declined 7.4 points from last week to 346.84 points. December corn posted another new contract high in overnight trade.

Soybeans: 8 to 10 cents higher. Futures were supported by dollar weakness as well as crop deterioration. Our weighted Crop Condition Index shows the soybean crop declined 3.5 points to 349.11 points. If this week's forecast for limited rainfall is realized, traders will expect next week's report to show more crop deterioration.

Wheat: 7 to 8 cents higher. Futures found spillover from neighboring pits and positive outside markets. The dollar was weaker and crude oil rose overnight. Wheat traders are also concerned about disappointing spring wheat yield results, although export demand is lackluster. Results of an Egyptian tender will be known this morning.

Live cattle: Steady to firmer. Futures are called to open steady to firmer after yesterday's Cold Storage Report showed beef stocks shrank last month, at a time when traders expected a slight increase from the previous month. Still, this week's showlist is up from last week and the boxed beef market started the week mixed.

Lean hogs: Steady to firmer. Futures are expected to see a firmer start thanks to yesterday's Cold Storage Report that showed pork stocks below expectations. Traders are also expected to work on narrowing the discount nearbys hold to the cash index. But upside potential should be limited by a seasonal increase in supplies, with the cash market called steady to weaker this morning.


 

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