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Hogs: Afternoon Comments (Thursday, May 25, 2017 13:10:09)

Livestock calls:

Hogs: Mixed.

Livestock futures are expected to see a choppy start as traders even positions ahead of the Memorial Day weekend, as well as prepare for tomorrow's Cattle on Feed Report. The report is expected to show On Feed at 100.8%, Placements at 106.8% and Marketings at 101.8% of year-ago levels. This week's cash cattle trade has begun roughly $2.50 lower than last week, but futures are trading well below the cash market. Meanwhile, the cash hog market has taken on a mixed tone this week amid reduced packer demand.


Soybeans: Afternoon Comments (Thursday, May 25, 2017 13:08:21)

Crop calls:

Soybeans: 1 to 3 cents higher.

Grain and soybean futures benefited from short-covering overnight and concerns about excessive rains across areas of the Corn Belt. Another round of showers is moving across the eastern Corn Belt this morning, meaning it would take several dry days before producers could return to the fields -- and there's more rain in the near-term forecast. Too-wet conditions on the Southern Plains also raises concerns about damage to the winter wheat crop. Meanwhile, this morning's weekly export sales data failed to impress the market. Soybean and wheat sales were within expectations and corn sales fell short of expectations. However, USDA also just announced an unknown destination has purchased 115,400 MT of old-crop U.S. corn.


Corn: Afternoon Comments (Thursday, May 25, 2017 13:07:47)

Crop calls:

Corn: 1 to 2 cents higher.

Grain and soybean futures benefited from short-covering overnight and concerns about excessive rains across areas of the Corn Belt. Another round of showers is moving across the eastern Corn Belt this morning, meaning it would take several dry days before producers could return to the fields -- and there's more rain in the near-term forecast. Too-wet conditions on the Southern Plains also raises concerns about damage to the winter wheat crop. Meanwhile, this morning's weekly export sales data failed to impress the market. Soybean and wheat sales were within expectations and corn sales fell short of expectations. However, USDA also just announced an unknown destination has purchased 115,400 MT of old-crop U.S. corn.


Wheat: Afternoon Comments (Thursday, May 25, 2017 13:08:56)

Crop calls:

Wheat: 1 to 3 cents higher.

Grain and soybean futures benefited from short-covering overnight and concerns about excessive rains across areas of the Corn Belt. Another round of showers is moving across the eastern Corn Belt this morning, meaning it would take several dry days before producers could return to the fields -- and there's more rain in the near-term forecast. Too-wet conditions on the Southern Plains also raises concerns about damage to the winter wheat crop. Meanwhile, this morning's weekly export sales data failed to impress the market. Soybean and wheat sales were within expectations and corn sales fell short of expectations. However, USDA also just announced an unknown destination has purchased 115,400 MT of old-crop U.S. corn.


Cotton: Afternoon Comments (Thursday, May 25, 2017 12:48:19)

Cotton futures bounced strongly Wednesday morning after having suffered major losses over the previous six sessions, with some traders likely taking profits on short positions while others bought in response to ideas that today’s weekly USDA Export Sales report would not prove as bearish as was generally believed. However, bulls couldn’t sustain the move and nearby July closed only slightly higher. Prices stabilized overnight, with official Chinese talk of welcoming U.S. cotton imports being offset by another poor result from the daily auction of government-owned stocks. Prices then rallied in response to the USDA data release, which indicated a very small net sales total at just 16,200 running bales. But the fact that cancellations were not particularly large, as well as the strong shipments figure at 332,800 bales seemed quite supportive. July cotton climbed 0.40 cents to 77.94 cents/pound in early Thursday action, while the December contract gained 0.13 to 73.21.


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