Stewart-Peterson Market Commentary

Closing Commentary - September 21, 2017

Top Farmer Midday Update 9-21-17

CORN:Corn futures are unchanged in a thinly traded market. Dec is at 3.50. This morning’s Weekly Export Sales were light, coming in at 526,900 tons (20.7 mil bu). The figure was below expectations, leaving the trade to await the accuracy of the latest USDA production forecast as harvest gets underway. The dollar is down 19 points as the currency maintains a lower course. Crude is down 47 cents.

SOYBEANS:Soybean futures are down 2-1/2 cents to 9.67-1/2 (Nov), though off the session low. Weekly Export Sales nearly doubled the lowest pre-report estimate, coming at 2.34 mil tons (86 mil bu). In addition, another 132,000 ton (4.8 mil bu) export sale to China was reported. Funds are positioned long soymeal, a small net long in soybeans, and sizable net long in the soyoil.

WHEAT:Wheat futures are firm. Dec CBOT wheat is up 3/4 cent to 4.50-1/2; Dec KC up 1/2 cent to 4.48-1/2. Both contracts are trying to maintain a positive posture above contract lows. However, trading is light, and Weekly Export Sales, at 307,200 tons (11 mil bu), were deemed non-supportive.

CATTLE:Cattle futures are lower on ideas that Wednesday’s sharp gains were overdone. The rally was triggered in part by expectations for a bullish Cattle On Feed report tomorrow with the first month of declining placements. Average placement guesses of 97% would be the first decrease in many reporting months. Placements will begin to benchmark against larger placements last year.Oct live cattle are off .750 to 110.200, and Dec is down .200 to 116.050. Oct feeders are down 1.225 to 145.050.

HOGS:Hog futures are at their new contract low of 57.525 on losses of 1.125 as bearish cash market fundamentals push prices lower. Dec is down 1.275 to 58.650.

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