Stewart-Peterson Market Commentary

Closing Commentary - September 03, 2015

Top Farmer Mid-Day Update 9-3-15

CORN: Corn futures fell to a fresh three-week low, weighed down by disappointing weekly export sales, the advancing U.S. harvest and strength in the dollar. Dec corn was recently 3-1/2 cents lower to 3.64. The USDA said net corn sales for the 2014-15 and 2015-16 seasons totaled 441,000 metric tons, missing analysts' expectations for between 500,000 and 1.1 million tons. Analysts said corn exports likely will come under further pressure from a move lower in Brazil's currency this week, which makes U.S. corn comparatively less competitive in the global marketplace.

SOYBEANS: Soybean futures traded two-sided early and are currently holding on to a 2 cent gain, putting the Nov contract at 8.76. Weekly export sales were a negative 60,500 tons for 2014-15 beans, but 1.53 million for 2015-16 crop. Plus, USDA said 773,400 tons of 2015-16 soybeans were sold to unknown destinations, and another 110,000 tons to China this morning. Weekly export sales for soymeal were also large.

WHEAT: Wheat prices dropped to a four-month low, buffeted by weak overseas demand. USDA reported net wheat sales last week totaled about 277,900 metric tons for delivery in the 2015-16 season, at the low end of analysts' expectations for 250,000 to 520,000 tons. Canadian stocks came in higher than expected for all wheat and canola. A 66 point hike in the U.S. currency is also noted as a bearish factor. Sept CBOT wheat is trading near its session low of 4.58-3/4, down 14-1/4 cents. Sept KC futures are down 5 cents to the contract low of 4.43.

CATTLE: Cattle futures have posted strong gains while continuing yesterday's rebound following a 2-1/2 day slump. Oct live cattle are up .975 to 142.200. Oct feeders are up 1.400 to 197.700. Wholesale beef prices slipped on Wednesday, and U.S. cash cattle markets remain mostly quiet today after scattered sales of cattle so far this week have sold to packing plants for mostly lower prices.

HOGS: Hog futures are slightly lower in light volume. Oct hogs were recently down .475 to 69.300. Cash hog bids are lower across all major production regions today, with many packing plants well supplied for the days ahead.

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