Stewart-Peterson Market Commentary
Closing Commentary - January 17, 2017
Top Farmer Mid-Day Update 1-17-17
CORN:Corn futures are up 5 cents at mid-session, underpinned by spillover strength in beans and a steep setback in the dollar. March corn maxed out at 3.66-1/2 on gains of 8 cents before stalling. That’s the highest price level since Oct 31. Dec hit 3.93, up 6-3/4 cents. President-elect Trump’s talk of the U.S. dollar being too strong has influenced outside market swings. Weekly Export Inspections were 888,009 tons (35 mil bu). Plus, a morning sale was reported with 102,944 tons (4 mil bu) of 2016-17 year corn going to an unknown destination.
SOYBEANS:Soybean futures are sharply higher, extending a two-day rally fueled by a friendly Jan crop report. Add weather premium tied to saturated conditions in Argentina and March beans attained a fresh six-month high of 10.75 on gains of 28-3/4 cents. Nov peaked at a five-week high of 10.29-3/4 on gains of 11-1/4 cents. We’ll get a NOPA crush report later this morning. USDA Weekly Export Inspections came in at 1,409,46 tons (51.8 mil bu), down slightly from last week’s figure.
WHEAT:Wheat futures have joined the party, posting solid gains in Chi and KC. March contracts are off their highs where CBOT contracts rallied 11-1/2 cents to 4.37-1/2 and KC 8-1/2 cents to 4.57-1/2. These are the highest levels since Oct 27 and Aug 22, respectively. Weekly Export Inspections were 344,436 tons (12.6 mil bu).
CATTLE:Cattle futures are higher. April live cattle are up .475 to 118.400, within last week’s range. Deferred live contracts have made new highs for the move; March feeders up .500 to 129.800.HOGS:Hog futures are firm while holding their respective ranges. April hogs have had a 90 cent range between 65.950 and 65.050 and were recently near their highs on modest gains of .275.
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