Stewart-Peterson Market CommentaryClosing Commentary - July 28, 2014
Stewart-Peterson Mid-Day Update 7/28/14
CORN: Corn futures opened 3 cents higher as the market shows signs
of bottoming for the time being. This morning's USDA weekly
export inspections were 805,365 tons versus 941,977 tons a week ago.
December futures are up 3 cents to 3.74-3/4
SOYBEANS: Soybean futures have traded 10 to 15 cents higher throughout
the morning buoyed by demand and uncertain August weather. USDA reported another
new crop soybean export sale of 486,000 tons to China this morning. USDA weekly
export inspections were 112,345 tons versus 97,106 tons a week ago. November
futures are up 14 cents to 10.97-3/4.
WHEAT: Wheat futures opened 3 cents lower. USDA weekly
export inspections were 395,963 tons versus 527,633 tons a week ago.
In addition, USDA announced an export sale of 101,000 metric tons of
wheat for delivery to Nigeria during the 2014/2015 marketing year. Of
the total, 61,000 tons is hard red winter and 40,000 tons is soft red
winter wheat. Prices are taking on a sideways trend amid an improving
CATTLE: Cattle futures opened sharply higher following Friday's bullish
Cattle-on-Feed report. August live cattle jumped 1.15 to a new high of 160.25
before trimming gains. August feeders also posted a record high of 220.975 on
lower-than-expected placements in Friday afternoon's USDA COF report. August FC
are up 2.00 to 220.25 at mid-day.
HOGS: Hog futures opened higher, but pulled back to steady levels
when buying interest dried up. Wholesale prices quoted by USDA were up .25
on Friday, but today's cash markets are called flat to 1.00 lower. The spot
month August contract was recently unchanged at 123.625.
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