Waiting on Weekly Export Sales Report

February 24, 2012 12:03 AM
 

Follow me on twitter @julijohnston

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

Corn: 2 to 3 cents lower. Futures were mixed yesterday amid bull spreading, with nearbys supported by news of Chinese purchases of old-crop corn and deferreds were pressured by Glauber's estimate for 94 million planted corn acres this year. The U.S. dollar index is weaker this morning, which is limiting pressure this morning. Traders are also waiting on this morning's weekly export sales data for direction.

Soybeans: Mixed. Nearbys are mostly around a penny lower this morning amid profit-taking. Futures continue in the recent uptrend, posting a new-for-the-move high yesterday. Support is coming from the recent surge in demand, as Chinese buyers are concerned about the quality and quantity of U.S. soybeans. Traders expect this afternoon's weekly export sales data to reflect last week's lofty soybean sales.

Wheat: 2 to 4 cents lower. Wheat has returned to a follower's role to corn, seeing a choppy week of price action. With little fresh news for the market to digest, wheat will continue to look to outside markets and neighboring pits for direction. Export sales data this morning will also influence early morning price action.

Live cattle: Mixed. Futures are expected to be mixed following yesterday's sharp price pressure. Wednesday afternoon's Cold Storage Report weighed on cattle yesterday, triggering sharp profit-taking. If pressure on futures continues today, it could lower cash expectations.

Lean Hogs: Mixed. Lean hog futures saw moderate price pressure yesterday on spillover from live cattle, as well as the higher-than-expected pork stocks number from the Cold Storage Report. The cash hog market is expected to be steady to weaker today amid reduced demand for hogs given sharply negative profit margins. Pork cutout values were firmer yesterday, but margins still widened.


 

Back to news


Comments

 
Spell Check

No comments have been posted to this News Article

Corn College TV Education Series

2014_Team_Shot_with_Logo

Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!

Markets

Market Data provided by QTInfo.com
Brought to you by Beyer
Close