Stewart-Peterson Market Commentary
Closing Commentary - March 07, 2014
Stewart-Peterson Mid-Day Update3-7-14
CORN: Corn futures are trading flat to 3 cents lower. Futures opened slightly higher following a strong overnight performance in grains. New lows in the dollar overnight helped underpin corn futures, but a favorable jobs report this morning sent the dollar into positive territory which helped put pressure on commodities. In addition, position-squaring is noted ahead of Monday's monthly USDA Supply/Demand report. March futures are down 2-1/4 cents to 4.83-1/2. Dec futures are down 1-1/4 cents to 4.81.
SOYBEANS: Soybean futures opened 15 cents higher with new contract highs posted in the nearby contracts. March futures were recently up 11 cents to 14.48-1/2. New crop lags as Nov trades 4 cents lower to 11.82. No export sales or Chinese cancelations were reported by USDA this morning.
WHEAT: Wheat futures opened strong and have remained in positive territory throughout the morning. March Chi futures are up 7-1/2 cents to 6.49. Futures contracts sit at fresh 3-month highs. Support stems from growing concerns that US production will be compromised by drought conditions in the US southern Great Plains.
CATTLE: Cattle futures are flat to .50 higher in both live and feeder markets. Apr live cattle are up .125 to 143.75. March feeders are up .425 to 171.825. Cash markets have plateaued for the time being with trading seen 1.00 to 3.00/cwt lower than last week. However, the bullish technical trend remains intact which has attracted buying interest on dips. Wholesale beef prices were up again on Thursday.
HOGS: Hog futures are higher today, though seeing uneven trading. Apr futures are up .80 to 113.20. July futures are up .275 to 118.275. May through July futures have seen new contract highs again today, underpinned by rising cash hog prices. Expectations for tightening supplies in the weeks ahead are also noted.
Market Commentary provided by: Stewart-Peterson 137 South Main Street, West Bend, WI 53095