Stewart-Peterson Market Commentary

Closing Commentary - April 24, 2018

Top Farmer Opening Calls 4-24-18

CORN: Corn futures are fractionally lower and trade volume has dwindled as participants sit back and wait for weather to dictate price movement. For now, history shows us that the crop will get planted, though top-end yield potential is diminished the later it gets. A lot should get planted over the next 10 days. Jul and Dec corn are down 3/4 cent to 3.86-3/4 and 4.03-1/2, respectively, and are still in an up-trend since bottoming in mid-January. Outside markets are mostly steady, the Dow up 100 points.

SOYBEANS: Soybean futures are steady to 2 cents lower putting Jul beans at 10.34-3/4 and on pace to settle lower for the fifth consecutive session. Argentina was a buyer of 130,000 tons of U.S. beans in a morning announcement, ending a string of 2 weeks since we’ve seen a morning bean export sale announcement from USDA, as global users source most of their supplies from Brazil. Of the total, 60,000 tons is old crop and 70,000 is new crop. Nov is at 10.28, mid-range from the April 2 peak of 10.60, and the spike low at 9.97-3/4 formed just two days later.

WHEAT: Wheat futures are lower with Jul CBOT down 5-1/2 cents to 4.69, a fresh 3-week low. Jul KC wheat is down 5 to 4.97-3/4, while closing in on the 200-day moving average support found at 4.96. Weather forecasts will remain mostly dry across the Plains. No problems are seen with Russia’s wheat crop. This region will be a focal point for the market. Spring wheat planting is expected to ramp up as weather allows. Sep MPLS wheat is down a penny to a 3-week low of 6.01.

CATTLE: Cattle futures are mostly higher, anticipating sustained strength in the cash market where asking prices are hovering around $125/cwt. Retails are also on the rise. Jun live cattle are off 0.225 to 121.500. Jun is up 0.125 to 105.000. May feeders are up 0.400 to 141.000.

HOGS: Hog futures are slumping lower at the start of trading, though underpinned by firm cutouts. Cash, too, has been supportive, but looks to level off this week. May hogs are down 0.450 to 67.550. Jun is down 0.350 to 76.375. Jul is down 0.200 to 78.700.

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