Stewart-Peterson Market Commentary
Closing Commentary - July 25, 2014
Stewart-Peterson Opening Calls 7-25-14
CORN: Corn futures are 1 to 2 cents lower while finding support at Thursday's new lows. As a correction to this morning's update, USDA did announce an export sale of 269,084 mt of corn to Mexico. Of the total, 245,716 mt represent new crop. A 16 point rise in the dollar is helping weigh on futures, but this morning's export announcement is helping support futures. Dec futures, trading at 6.38-1/4, is in the middle of that contract's 6 cent range.
SOYBEANS: Soybean futures shrugged off a lower open as another round of export sales offers support. USDA announced new crop sales of 134,000 mt of soy products to Mexico, and 360,000 mt of new crop beans to China. Nov futures were recently down 7cents to 10.77-3/4 with a session low 10.70-1/4.
WHEAT: Wheat futures traded narrowly mixed before moving 5 cents higher. Dec Chi futures are up 5 cents to 5.55-1/4 on profit taking before the weekend. Lower row crops and a higher dollar have had little impact on wheat as traders move to the sidelines amid GO political unrest. Technically, the market is showing signs of consolidation while trying to put in a seasonal low.
CATTLE: Cattle futures are mixed. Aug live cattle are trading within yesterday's ranges and were recently up .90 to 157.45. Aug feeders are up .175 to 217.50. Trade volume is thin ahead of this afternoon's USDA Cattle-on-Feed report which is expected to show placements 1.8% below this same time last year. Strong cash market performance continues to provide lift in this market.
HOGS: Hog futures are firm ahead of the weekend. Traders are exiting short positions following a 10.00 drop since the beginning of the month. Oct futures are up .15 to 108.05. Steady declines in cash markets this week is limiting gains in futures. Cash markets are called steady to 1.00 lower again today.
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