HRW Wheat Crop Improves Slightly; SRW Declines

November 1, 2011 01:38 AM
 

Winter wheat better than year-ago. Yesterday's crop condition report surprised traders somewhat as it showed the condition of the HRW wheat crop improved slightly from last week, while SRW declined slightly. Both crops are rated better than year-ago. But still, without meaningful rains this fall and winter in the Central and Southern Plains, the HRW wheat will begin next year in tough shape.

Winter Wheat

10/30/11

10/23/11

10/31/10

Kansas

123.25
122.88
116.12

Oklahoma

31.58

30.89

39.22

Texas

23.22

21.90

29.04

Colorado

36.69

35.65

26.49

Nebraska

29.12

30.03

23.58

HRW total

331.37

327.35

314.98

Missouri

24.30

24.15

26.80

Illinois

37.03

36.24

25.76

Ohio

51.84

53.05

56.43

Arkansas

17.55

18.00

16.74

Indiana

23.02

22.46

18.88

North Carolina

30.30

30.53

26.37

Michigan

43.35

44.38

39.12

SRW total

361.76

364.01

343.91


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

Corn: 8 to 10 cents lower. Continued strength in the U.S. dollar index kept grain futures under pressure overnight. The dollar strengthened overnight after Greece's prime minister called for an unexpected public referendum to approve the euro-zone bailout deal. After investors felt like the EU situation had stabilized, this move casts a dark cloud of uncertainty and renewed concerns about the global economy.

Soybeans: 13 to 15 cents lower. Futures saw sharp price pressure overnight as strength in the U.S. Dollar index triggered widespread selling in the commodity world. The dollar has moved above downtrending resistance to signal a near-term low has been struck. As mentioned above, concerns about the global economy have resurfaced, adding "uncertainty" in the marketplace.

Wheat: 10 to 12 cents lower. Futures followed neighboring pits lower overnight, as investors reduced their risk appetite due to comments made by Greece's prime minister that he wants to put the euro-zone bailout plan for a vote. Traders are paying little attention to fundamentals, but note yesterday's crop condition report reflected slight improvement in the HRW wheat crop, while SRW wheat conditions declined slightly.

Live cattle: Steady to lower. Futures are expected to be pressured by outside markets and early cash cattle trade occurring at $119 -- which is a dollar lower than last week. The U.S. stock market is expected to start the day under pressure due to macro-global economic concerns. It will be impressive if cattle see short-covering given this morning's negative sentiment.

Lean Hogs: Steady to lower. Futures are expected to be weaker on spillover from widespread commodity selling, although pressure could be limited by the discount nearbys hold to the cash index. Still, strength in the U.S. Dollar is expected to weigh on commodity markets this morning, keeping buyers on the sidelines.


 

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