Stewart-Peterson Market Commentary

Closing Commentary - December 19, 2014

Stewart Peterson Mid-Day Update 12-19-14

CORN: Corn futures remain lower on widespread weakness in the
grain complex. January futures are trading between 4.00 and 4.10 and
were recently down 2-1/2 cents to 4.08-1/2. USDA announced export sales 
this morning for 101,604 tons of corn to Mexico and 135,664 tons to Japan in 
the 2014-15 marketing year. Crude oil is up 1.64. The dollar is up 25
points and looking to make a new high after the recent downward correction.

SOYBEANS: Soybean futures are 6 to 8 cents lower while continuing
a sideways trending pattern. January futures, trading at 10.27-1/2, are still
hanging around the 10.30 area in consolidative trade.

WHEAT: Wheat futures are 12 cents lower as the market corrects from
a strong rally to 6 month highs this week. Strength in the dollar today is
also adding pressure. March CBOT wheat, trading at 6.34, is mid-range of
it's nearly 22 cent trading range on the intra-day chart.

CATTLE: Cattle futures are trading sharply higher after sliding
to multi week lows this week. February cattle futures are up 1.475 to 
160.000. January feeders are up 2.575 to 219.650. Many other feeder contracts
are more than 3.000 higher as a second day of expanded trading limits takes
place. The USDA Cattle on Feed report will be out at 2:00 pm CST today. 
The number of young cattle in U.S. feed yards through December 1 is predicted 
to be 1.1% above the same time in 2013, according to a Wall Street Journal
survey, as sales from feedlot operators to processors have slowed. 

HOGS: Hog futures are trading lower. February hogs are down .275 
to 81.600 after falling to a fresh 1-year low on Thursday. Another downward
tick in the wholesale pork price and weak cash markets today are weighing on 

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