Stewart-Peterson Market Commentary
Closing Commentary - April 22, 2014
Stewart-Peterson Mid-Day Update 4-22-14
CORN: Corn futures are 3 cents higher at mid-day. Futures started firm after USDA pegged planting progress at 6% complete, well behind the 14% average. However, weather forecasts calling for good planting weather in the next 8 to 14 days is keeping prices subdued. USDA announced a 240,000 ton sale of new crop US corn to Mexico this morning. Dec futures are sitting mid-range for the day, up 3 cents to 4.93.
SOYBEANS: Soybean futures have slipped lower throughout the morning on follow through pressure from Monday's double-digit losses. Nov futures were recently down 10 cents to 12.13-3/4, a fresh 1-week low. A reduced pace of soybean exports to China is allowing futures to drift lower after the market peaked on Friday. Weather forecasts are pointing to an increase in planting progress between now and the end of the month.
WHEAT: Wheat futures are lower on speculation that rainfall in eastern parts of the US southern Great Plains will improve crop prospects. Futures started firm, but lost footing throughout the morning as technical traders push the market toward resistance levels. July futures were recently down 3 cents to 6.72-1/2.
CATTLE: Cattle futures are higher across the board. June live cattle were recently up .95 to 135.50. May feeders are up .75 to 178.85. Wholesale beef prices rose on Monday which has helped futures bounce off of technical resistance. Cash cattle markets remain quiet today with no new trade expected until Wednesday or later.
HOGS: Hog futures are mostly higher. June futures were recently up .65 to 123.00. May futures are down .05 120.70, but the rest of the complex is trading higher, shrugging off lower cash market quotes amid a dip in wholesale prices.
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